NSW prepares decade-long industry policy blueprint

Joseph Brookes
Senior Reporter

The New South Wales Government is rethinking its industry policy to account for “transformative forces” like decarbonisation, digitisation, and shifting value chains over the next decade, as productivity also falls.

Stakeholders are now being asked to provide input on what will be the state’s first white paper on industry policy, expected to be released in December and shape programs and interventions to address a variety of factors over the next 10 years.

In a ‘green paper’ launched Monday to kick off consultations, Investment NSW identified the main “transformative forces” creating industry challenges and opportunities and business operating environments that can be targeted by Industry policy, community views and the attitudes towards current industry programs and actions.

NSW is rethinking its industry development programs

Questions for each area are posed, with responses sought from peak bodies, research institutions and established and emerging industries such as defence and aerospace, agriculture, medical and life sciences and clean energy, as well as the general public.

Enterprise, Investment and Trade minister Stuart Ayres said the state government wants to put stakeholders at the centre of industry policy development to ensure all parts of the economy can transition “smoothly and efficiently”.

“As our industries adopt new technologies and ways of working, we need to ensure we have fit-for-purpose policies in place to support them,” Mr Ayres said in a statement.

“There are currently 10 different industry strategies shaping the way we think about industry policy in NSW. We need a way to simply and clearly integrate these to best support businesses, while reflecting domestic and global trends we can forecast and effectively respond to.”

An independent expert will develop the final Industry white paper based on the consultations which are open until 6 June.

“The Industry Policy White Paper will set the policy directions to underpin the state’s economic performance over the next 10 years,” the consultation paper said.

“It will provide guidance and direction for new initiatives and enhancements to existing industry programs to ensure that the NSW Government’s industry policy continues to benefit the state’s economy and residents.”

Decarbonisation, digitalisation, growing Asian markets, circular economy, and global value chains are identified in the green paper as key areas creating challenges and opportunities for local industry.

The paper also notes the role effective industry policy can play in mitigating New South Wales forecasted drop in productivity and ageing population.

The state’s intergenerational report released last year downgraded New South Wales’s productivity rate significantly and called for various responses, including microeconomic reforms.

Do you know more? Contact James Riley via Email.

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