What the policy will do
The NSW Industry Policy will harness existing initiatives, develop new programs and policies, and send a collective signal of the priorities for the NSW economy.
As such, the new NSW Industry Policy provides a framework for the NSW Government to drive:
- Collaboration and information sharing with industry and other stakeholders
- Coordination and cohesion across NSW Government policies, programs, and agencies as well as with the Commonwealth Government and other State governments
- Oversight to monitor and evaluate the effectiveness of actions.
A thriving NSW economy benefits everyone, creates more and better jobs, improves the way we make and do things, and drives the prosperity and wellbeing for the people of NSW.
Three connected missions
The NSW Industry Policy takes a mission-based approach to solving critical challenges faced by the state.
We’re focusing on advancing the government’s strategic priorities across net zero and energy transition, housing, and local manufacturing.
Through these three connected missions, the NSW Government aims to steer resources to the parts of the economy where actions are most likely to yield the greatest public benefits, foster the cooperation needed to find effective solutions, and coordinate action across different stakeholders.
Housing
Goal: NSW residents have access to safe, secure, affordable, well-designed and sustainable housing.
The Housing Mission focuses on addressing NSW’s housing needs by promoting the construction of new, safe, sustainable and affordable housing.
Targets
- Build 377,000 well-located homes by mid-2029.
- Unlock 21,000 affordable and market homes by 2031.
- Unlock 8,400 new public homes by 2031 – giving priority to children and women fleeing violence.
Net Zero and Energy Transition
Goal: NSW is globally competitive clean energy, sustainable and low-carbon economy.
NSW has the potential to become a leading force in the global net zero economy by proactively managing the green industrial transformation.
Targets
- Reduce NSW emissions on 2005 levels by 50% by 2030 and 70% by 2035, and reach net zero emissions by 2050.
- Deliver at least 12 gigawatts (GW) of new renewable electricity generation with 2 GW and 16 gigawatt hours (GWh) of long-duration storage by 2030.
- Ensure one million NSW households and small businesses have access to rooftop solar and battery systems by 2035.
- Achieve net zero in Transport for NSW operational and fleet emissions by 2035.
Local Manufacturing
Goal: NSW is a dynamic and resilient economy supported by Local Manufacturing.
The Local Manufacturing Mission promotes a dynamic, complex, sustainable and diversified economy, that is driven by innovation, productivity, robust supply chains and sovereign capability.
Targets
- NSW Gross Value Added for Manufacturing achieves real growth on average over the years to 2031.
- NSW Gross Value Added for Manufacturing achieves growth equal to, or greater than, GSP on average, in the years between 2031 and 2040.
- Achieve a 50% minimum local content target for future rolling stock by 2035.