A NSW Coalition government would offer small and medium businesses low interest loans to adopt artificial intelligence and cybersecurity technologies, shadow assistant innovation minister Jacqui Munro announced on Thursday.
The ‘AI for Biz’ loan scheme would aim to get more businesses using the technology to arrest falling state productivity rates and drive more innovation while capitalising on a NSW data centre boom.
The opposition has already announced it would also appoint an AI minister and set up state plans for wider adoption and infrastructure investment and approvals.
Shadow assistant minister for the arts, innovation, digital government and the 24-hour economy Jacqui Munro announced the AI for Biz policy on Thursday at the InnovationAus 2025 Awards for Excellence in Sydney.
“It is a low interest loan scheme for small and medium businesses to incorporate AI and cyber security technologies into their operations,” she said.
“AI for Biz will kick start the broad yet tailored uptake of AI and cybersecurity tools needed to boost our productivity and embed necessary technologies across all businesses in New South Wales.”
Ms Munro said the uptake of technology could drive more innovation in the state, leading to a more productive economy.
“Innovation is and must be embedded across all parts of our society… The whole point of innovation is that it changes the way we do everything,” she said.
The federal government is facing calls to roll out a similar policy to encourage uptake of the technology by businesses but with a tax incentive rather than a loan.
According to Deloitte analysis, a $1 billion federal government incentive could spur a $2 billion investment in AI systems by SMEs, delivering a $13.4 billion annual lift in GDP and $44 billion boost to economic productivity.
NSW Innovation minister Anoulack Chanthivong said he is encouraged by the uptake of AI and the innovation it is spurring, but there is an obligation on governments and businesses to work together on responsible use.
“We can’t eliminate technology, nor should we,” Mr Chanthivong said at the InnovationAus Awards for Excellence on Thursday.
“We should be able to adapt it and guide it to make sure it delivers public outcomes and public value for the people of Australia.”
The NSW government established a centralised Office for AI earlier this year, with a mandate to provide advice and set robust standards for the technology over an initial two-year trial period.
It has separately set up a front door for private investment in the form of the Investment Delivery Authority, which attracted $73 billion in proposed data centre and digital infrastructure investments in its first call for proposals.
The 2025 InnovationAus Awards for Excellence are proudly supported by ACS, PEXA Group, the CSIRO ON Program, Griffith Hack, TechnologyOne, Q-CTRL, National AI Centre, University of New South Wales, KPMG, AgriFutures Australia, Investment NSW and IP Australia.
Protecting your great ideas with intellectual property (IP) rights can lead to lasting benefits for your growing business. IP refers to creations of the mind, such as a brand, logo, invention, design or artistic work. Head to the IP Australia website to find out more about IP, and how it might help your business.
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