Modernising the Regional Development Act 2004
The Regional Development Act has been updated to reflect the outcomes of an extensive public consultation process and to provide a stronger framework for supporting economic development and employment growth in regional NSW.
On 20 September 2024 the NSW Parliament passed legislation to amend the Act, strengthening accountability, improving cooperation between all levels of government and providing greater transparency in funding arrangements for regional development projects.
The modernised Act reflects community feedback received through an extensive consultation process that included 9 regional development roundtables and over 230 written public submissions.
The consultation process included hearing from the mayors and general managers of local councils across regional NSW, the NSW Aboriginal Land Council, Business NSW, NSW Farmers, Regional Development Australia, regionally located Universities and the NSW Aboriginal Women's Advisory Network.
Key changes to the Act include:
- Updated objects of the Act to reflect the contemporary needs of rural and regional NSW and encourage cooperation and collaboration with all tiers of government including local government
- Broader types of financial investment that can be provided from the Regional Development Trust to better respond to the challenges and opportunities in rural and regional NSW
- Strengthened accountability and transparency through new governance and reporting provisions requiring the publication of an annual report, investment strategy and governance framework so the public have a clear understanding of the focus and investment of the Regional Development Trust
- A mandate that the Minister must establish a Regional Development Advisory Council so that independent expert advice is a constant component of the administration of the Regional Development Trust.