An ambitious plan to turn the state into an innovation and investment hub, with the creation of a new Investment Delivery Authority and $79 million in new innovation funding as part of the 2025-26 Budget has been welcomed by the Committee for Sydney.

Head of Policy at the Committee and the Chair of the Innovation District Alliance, Jeremy Gill, said the nearly $150 million over four years would drive the state’s innovation agenda.

“This is a much-needed shot in the arm for the state’s productivity growth,” he said.

“Only last week, Sydney was identified as the number one startup ecosystem in the Southern Hemisphere. The innovation economy has the potential to transform industry and drive productivity. Governments can’t do everything, but what they are doing here is incentivising business to invest in innovation and growth, supporting research and development.

“The Committee’s 2024 Transforming Sydney’s Economy Report called for this type of whole-of-government approach, which we know will help fast-track growth in emerging sectors such as bio-medical technologies, advanced manufacturing, net zero and digital tech.

“We see the creation of the Investment Delivery Authority and the release of the Innovation Blueprint in March as the NSW Government cementing its intent to supercharge innovation investment and put economic transformation squarely on the agenda. 

“The commitment of $38.5 million to drive the growth of Tech Central as one of Australia’s premier innovation districts is fantastic to see, and we look forward to an ongoing focus on nurturing NSW’s network of innovation districts to ensure Sydney thrives as an innovation city,” Mr Gill said.

The future of innovation will be among many of the city’s critical issues discussed at the Committee’s 2025 Beyond Productivity Summit on 30 June.

The Committee’s Transforming Sydney’s Economy Report can he found here: https://sydney.org.au/wp-content/uploads/2024/10/Transforming-Sydneys-Economy_FINAL-1.pdf