Growing our local economies
This week saw another significant milestone for the Regional Growth Fund, with the opening of the $500 million Growing Local Economies Fund.
The Growing Local Economies Fund, the biggest of the six funds that make up the Regional Growth Fund, represents a new approach to funding projects in regional and rural areas.
This unprecedented new funding will target investment in business-boosting infrastructure right across rural and regional NSW.
It will not only invest in road, rail, electricity and water upgrades, but this fund will specifically look to invest in other infrastructure to unlock the potential of regional businesses, and in turn, generate jobs in those communities.
The Growing Local Economies Fund is not going to be divvied-up by the usual round-by-round basis but rather is to be distributed across 37 economic zones.
This fund will identify the competitive advantages, and the potential strong suits, of each of the individual regions across NSW, and then will invest in those sectors, whether it be in tourism, agriculture or manufacturing. Rather than having regions competing on an uneven playing field, we have worked hard to ensure the fund will be shared fairly across the different regions. Instead of cash pooling around the big country centres, the funding will be allocated to reflect a combination of population and potential growth.
The NSW Nationals is the only party that can truly represent the diverse communities that make up regional and rural NSW.
The Growing Local Economies Fund clearly shows that when it comes to investing in our regional communities, we view them as unique places, with distinct economies which present different opportunities for growth.
The NSW Nationals will be working with individual communities to help them identify the right projects that will help their local towns grow.