Mr STEPHEN BALI (Blacktown) (11:48): My question is addressed to the Minister for Industry and Trade. Will the Minister outline the Minns Labor Government's plan to grow the New South Wales economy by positioning the State as a leading destination for investment?
Mr ANOULACK CHANTHIVONG (Macquarie Fields—Minister for Better Regulation and Fair Trading, Minister for Industry and Trade, Minister for Innovation, Science and Technology, Minister for Building, and Minister for Corrections) (11:49): I thank the member for Blacktown for his question. I know the member is always working hard to unlock new opportunities through investment in Blacktown. As a former mayor of Blacktown, his record of ensuring economic opportunities for his community stands alone. There has never been a more important or better time to invest in New South Wales. On this side of the House, we want the world to know that New South Wales is open for business. That is why the Government has developed an ambitious plan spanning industry, trade and innovation. This plan will lift the State's economic complexity, resilience and productivity.
Underpinning all of this is investment. Our new Trade and Investment Strategy sets out a 10-year vision, focused on diversifying the business that we do, and where we do it, to improve our economic resilience. Even though we are already the Australian State that attracts the most investment, we know there is always room to improve, and we want to grow this further to address the challenges facing our State in the future. This is aligned with the NSW Industry Policy, which forms the overarching framework for delivering on the Government's missions on housing, net zero energy transition and local manufacturing.
In March of this year, the Minns Labor Government also released the landmark NSW Innovation Blueprint with the express goal of cementing New South Wales' position as the innovation powerhouse of the Southern Hemisphere. Backed by almost $80 million in this year's budget, New South Wales is poised to continue to be a globally competitive leader in high-value industries. But do not take just my word for it—tech unicorns like Atlassian, Afterpay and Canva have told us this strategy will deliver the long-term confidence that innovators and investors need to create the jobs of the future. Policy clarity, certainty and consistency is what the investment community wants from government, and it is what this Government has delivered.
Our Labor Government is already hard at work delivering on this plan. Only a few months ago, I stood with the Premier, the Treasurer and the Minister for Planning and Public Spaces at a data centre to announce the new Investment Delivery Authority [IDA]. We heard loud and clear that it is taking businesses too long to deliver major projects. So, modelled on the successful Housing Delivery Authority, the IDA will accelerate approvals for major projects like data centres, renewable energy and hotels. Guess what, Mr Speaker? We have already turned the IDA from an idea into reality. We put $17.7 million in the budget to back it in, and the first expressions of interest are now open. This is key to our plan of clearing obstacles to make New South Wales an even better place to do business. But our work does not stop there. [Extension of time]
Just last week, the New South Wales Government enhanced our trade and investment relationship with Singapore, signing a new memorandum of understanding focused on innovation and the green economy. The Premier, Minister Sharpe and I met with Singaporean Prime Minister Wong and some of his cabinet Ministers to further discuss the economic opportunities for both our countries. Initiatives like this unlock investment through collaboration on shared challenges and are only possible through our hard work to rebuild our international relationships.
To build such international relationships, we know the importance of having all the right people in the same room. So I was thrilled to join the Premier and the Governor-General at the International Astronautical Congress, which declared "lift-off" in Sydney for the first time just a couple of weeks ago. It brought together the best and brightest minds in the global space industry and allowed New South Wales to showcase our thriving advanced manufacturing and technology ecosystem to leading investors. It is with great pleasure that I report to the House that over 7,400 delegates from more than 90 countries attended, blasting an estimated $47 million into the New South Wales economy. I am advised it was the biggest international conference held in Sydney since the pandemic.
Mr Jihad Dib: It was out of this world!
Mr ANOULACK CHANTHIVONG: That is right, it was out of this world—space-age stuff! The Treasurer is also working hard to ensure the upcoming Sydney Investment Summit will be just as big a success for our State, reinforcing that New South Wales is the place to be and is the place to invest. This Government is working hard to define New South Wales as the leading destination for investment, whether it be in tech, housing, net zero or local manufacturing. This is an incredibly exciting time to be an innovator or investor in New South Wales, and the Minns Labor Government is committed to delivering the support needed to drive our economy into the future.
