Applicants to New South Wales’ industry and innovation grant programs worth more than $227 million have been told their potential funding may never come, with the Minns government reviewing the programs for potential budget savings.
The grants on the chopping block go to areas like commercialising new technology, building research and development facilities, supporting innovative, high-growth businesses in priority industries, and biosciences startups and researchers.
The new state government flagged “tough choices” were coming last month to address funding shortfalls, and departments have recently begun contacting applicants to say the programs are now “on hold”.
The state Treasury is conducting a Comprehensive Expenditure Review in the lead up to New South Wales Labor’s first Budget in more than a decade. The Minns government is looking to address around $7 billion in budget “pressures” it says it inherited after the March election.
Programs from the record investment in science and innovation in last year’s budget are among the potential cuts that would help with the repair.
Investment NSW has contacted applicants to the following programs to tell them the potential grants are effectively on hold:
- MVP Ventures
- NSW Future Industries Investment Program
- Infrastructure Build Out Program, National Collaborative Research Infrastructure Strategy (NCRIS) Support Program
- The $40 million Biosciences Fund
The programs have a total announced funding of $227.4 million, but it is unclear exactly how much has been expended to date.
“As part of this sector-wide review, a number of Investment NSW programs (including those being delivered by the Office of the NSW Chief Scientist & Engineer) have been placed on hold and will be reviewed as part of the 2023-24 Budget process,” an Investment NSW spokesperson told InnovationAus.com.
Additional programs may also be caught up in the review but so far no applicants to other programs have been contacted by Investment NSW.
In the lead up to the state election, then-shadow and now Industry minister Anoulack Chanthivong vowed to continue the state’s recent innovation and future industries push, telling InnovationAus.com he would look to continue proven programs.
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