Transformational Regional Growth Fund boosted to $2 billion
Families and businesses across regional NSW will benefit from additional vital community upgrades and job creating projects with the 2020-21 NSW Budget injecting a further $300 million over two years into the transformational Regional Growth Fund.
Deputy Premier John Barilaro said this boost to the Regional Growth Fund will include another round of the $100 million Stronger Country Communities Fund which will continue works to reinvigorate rural communities and deliver grassroots project upgrades to every Local Government Area in regional NSW.
Additionally, a new $75 million Resources for Regions round will provide vital infrastructure and support programs for mining towns and communities.
“This is the Regional Growth Fund ‘2.0’, with a further $300 million injected into this popular program which has delivered over 2,100 projects across regional NSW to date, and today I can announce there’s more to come,” Mr Barilaro said.
“The Stronger Country Communities Fund and Resources for Regions Fund are two of the Regional Growth Fund’s flagship programs and the new funding announced in the 2020-21 Budget is great news for rural families, businesses and industry.”
The recharged Regional Growth Fund will also deliver new programs that target economic activation and tourism projects and complement the recently announced $100 million Regional Job Creation Fund to provide businesses in regional NSW with the confidence they need to invest, expand their operations, get new customers through the door and create new jobs.
Mr Barilaro said the now $2 billion Regional Growth Fund was first introduced in 2017 to give people in every corner of regional NSW a fairer share of government investment. Over $1.7 billion has already been committed to more than 2,100 projects, big and small, right across regional NSW.
“The Regional Growth Fund has delivered industrial precincts and intermodals to roads, power, water and the internet, upgraded regional airports, floodlights for footy fields and playgrounds for kids.
“These projects are providing the major infrastructure upgrades that industry needs to thrive, the support that businesses need to expand, the attractions that tourists love to visit and the community improvements that make a big difference to everyday life.”
Treasurer Dominic Perrottet said this additional investment is about helping support our regions through the economic recovery following the impacts of drought, bushfires and the COVID-19 pandemic.
“It’s been a tough few years for many regional towns across NSW, so the now $2 billion Regional Growth Fund, together with the $4.2 billion Snowy Hydro Legacy Fund, will provide once-in-a-generation infrastructure that generates opportunities, investment and jobs and makes regional NSW a great place to live, work and thrive.”
The remaining $125 million in funding will be allocated through other regional programs, such as tourism and economic activation initiatives, for the benefit of regional NSW.
Find out more about the Regional Growth Fund