Next steps: opportunities

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We will build on these achievements to ensure NSW remains the most attractive state to open and run a business.

Ongoing whole-of-Government collaboration, a key driver of delivering on the Charter, will continue to identify opportunities for action, engagement and consultation with the small business sector across the State.

Key focus areas for our cross-government work include:

• More targeted consultation and engagement with small businesses, industry and government to understand impacts of government policies and activity on small businesses.
• Regulators collaborating to identify and resolve pain points for small businesses, particularly for highly regulated industries where many regulators impact business operations.
• Ongoing Vibrancy Reforms across the State entailing further cross-government collaboration on process and support to deliver for small businesses, particularly in regional hubs.
• The roll out of new procurement policies, including the Jobs First Commission which will oversee the implementation and growth of local industries, supporting and advocating for local firms bidding for government tenders and the introduction of local market testing for all NSW Government procurement.

Work to support and enhance opportunities for small businesses in targeted industries continues. The Government’s focus on domestic manufacturing includes:

• Support to transition to net-zero through grants and initiatives for planning and monitoring capability
• A target of 50% minimum local content for future rolling stock transport contracts delivering more opportunities for local manufacturing
• The Advanced Manufacturing Research Facility Connect hub, established to accelerate the capability, growth and competitiveness of the manufacturing sector in NSW.

The revised NSW Visitor Economy Strategy sets some ambitious targets with the goal of $91 billion in annual visitor economy expenditure by 2035 – a 40% increase on the previous goal. The accelerated growth is expected to provide a big economic windfall for regional communities, with $44 billion (48%) of the $91 billion expected to be spent in regional NSW. This Strategy also cements tourism, where thousands of small businesses operate, as a critical pillar of future growth in the NSW economy, driving up to 150,000 new jobs by 2035¹².

Alongside this, Vibrancy Reforms are driving economic benefits through creating well-attended nighttime economy drivers, supporting small businesses across the state in the food service, sports and physical recreation, hospitality and creative sectors.

For retail operations, the Retail Leases Act 1994 recommendations will deliver improvements and clarity for business owners, making it easier for small retail businesses to operate.

References

¹²Tourism to become $91 billion cornerstone of NSW economy, 8 October 2024 https://www.nsw.gov.au/departments-and-agencies/dciths/ministerial-media-releases/tourism-to-become-91-billion-cornerstone-of-nsw-economy