$500 million to grow local economies

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$500 million to grow local economies

Thursday, 17th August 2017

Member for Monaro John Barilaro today joined Premier Gladys Berejiklian to announce the opening of the Growing Local Economies Fund, which will use an innovative new funding model to target $500 million in investments in business-boosting infrastructure across regional NSW.

Mr Barilaro said the investment, which is part of the $1.3 billion Regional Growth Fund announced in the 2017-18 NSW Budget, will ensure regional NSW has the infrastructure it needs to allow local businesses to grow and thrive.

“The Growing Local Economies Fund will not only invest in road, rail, electricity and water upgrades, but it will also look to invest in infrastructure to unlock the potential of regional businesses, and in turn generate jobs in those communities.”

Mr Barilaro urges groups in the Monaro to apply for funding under the Growing Local Economies Fund.

“As your local MP, I will work with you to develop and submit applications. I encourage local councils, businesses, industry and community groups and non-government organisations to identify potential projects and share them with me so we can turn these ideas into a reality,” he said.

Of the six funds that make up the Regional Growth Fund, the Growing Local Economies Fund is the biggest, and will remain open for submissions for the next four years.

Mr Barilaro said the Growing Local Economies Fund represents a new approach to funding projects in regional and rural areas.

“This fund will identify the competitive advantages or the potential strong suits of each of the individual regions across NSW, and then invest in those sectors, whether it is in tourism, agriculture or manufacturing,” Mr Barilaro said.

“As a Government we are viewing each of these local economies as unique places which present different opportunities for investment.

“Rather than having regions competing on an uneven playing field, the NSW Government has worked very hard to ensure the fund will be shared fairly across the different regions.” Mr Barilaro said.

For more information on how to apply, visit www.nsw.gov.au/growinglocaleconomies.