Minister for Innovation, Science and Technology, Anoulack Chanthivong’s appearance at Budget Estimates has reinforced the notion that the innovation sector in NSW will continue to suffer thanks to the cuts and uncertainty created by the Minns Labor Government.
Minister Chanthivong is still yet to release his long-awaited Innovation Blueprint and when pressed on when he would finally announce the blueprint, he failed to give a concrete answer creating further uncertainty and anxiety in the innovation sector.
Shadow Minister for Innovation, Mark Coure said that the continual delay of the Innovation Blueprint would only serve to further disadvantage NSW startups, industry and entrepreneurs.
“When the rest of the world is moving at a lightning pace to remain competitive in a challenging global market, NSW’s innovation sector continues to be left in limbo by Minister Chanthivong’s inaction and lack of vision.” Mr Coure said.
“When potential investors look at NSW, they see an uncertain and directionless government which is failing to establish the right priorities and the right framework for startups to thrive.” he said.
Shadow Assistant Minister for Innovation, Jacqui Munro said, “Unfortunately we have a Minister who is yet to grasp the significance of the startup ecosystem as a driver of economic growth and prosperity for NSW.”
“This policy area requires enthusiasm, engagement and a sense of urgency to ensure our state doesn’t fall behind, as Victoria and Queensland up their game for founders.”
Further questioning of the Deputy Secretary, Investment NSW, Premier’s Department also revealed that Investment NSW’s 2024/25 budget was cut by $58.8 million compared to 2023/24.
Investment NSW’s 2023/24 budget was a total of $212 million compared with the 2024/25 budget of $153.2 million, revealing a significant cut to both operational and capital expenditure.
“Let’s be clear, this $58.8 million cut to Investment NSW’s budget by the Minns Labor Government will mean less grants, less support and less investment for the innovation sector here in NSW.” Mr Coure said.
“The Minns Labor Government’s clumsy attempt to hide this cut by moving Investment NSW from the former Department of Enterprise, Trade and Investment into the Premier’s Department, reveals a government more concerned with its image rather than providing the wrap-around support that the sector needs.”
“We now know that there is no funding in this year’s budget to implement an Innovation Blueprint or an Industry Strategy, leaving the ecosystem to languish for yet another budget cycle.” Ms Munro said.
“Coupled with uncertainty about the future of the Sydney Startup Hub, Tech Central and the Macquarie Park Innovation District, there is legitimate concern about what the future of innovation looks like in NSW.”
