A Labor Government will allocate $55 million to a new Jobs and Innovation Fund to drive innovation and create more jobs.
The fund is a key initiative in Labor’s fully costed jobs plan, Working for Tasmania.
Shadow Treasurer David O’Byrne said the Jobs and Innovation Fund would be one of the largest investment funds ever delivered in Tasmania.
“Labor will provide competitive grants to support more businesses to grow and create jobs as a key part of Tasmania’s COVID recovery.
“The Jobs and Innovation Fund is expected to stimulate at least $220 million of business investment and create 1600 jobs, and will leverage at least two dollars of private investment for every public dollar spent.
“Experience with similar programs has shown a return of close to $5 of private investment for every public dollar spent,” Mr O’Byrne said.
“As we find our way out of the COVID pandemic it’s crucial that we focus on creating more jobs, rather than take the lead of the Liberals and do nothing as our unemployment rate climbs beyond eight per cent.
“The Liberal Government is sitting back allowing unemployment to skyrocket but a Labor Government would stimulate growth and create employment rather than sit by while jobs are shed.
“Business investment fell more than 20 per cent in the 2019-20 financial year and even before the pandemic, business investment had fallen more than 15 per cent.
“One in four businesses have cancelled investment plans, putting a handbrake on growth and job creation.”
Mr O’Byrne said the fund will enable planned investments to be brought forward, prevent investment being delayed due to current economic conditions and stimulate new investment.
It will drive innovation in new industries, as well as allow traditional industries like forestry, mining, aquaculture, manufacturing and agriculture to continue to grow.
Funding will be allocated through competitive grant rounds and priority will be given to investments that will result in business growth and job creation.
David O’Byrne MP
Shadow Treasurer
