The South Australian Government recently released its 2023-24 State Budget, highlighting a significant allocation of over AU$55 million towards accelerating the development, productivity, and sustainability of key industries within the state. This financial commitment is aimed at bolstering the growth and competitiveness of South Australia’s economy.
The budgetary measures unveiled will provide the Department for Industry, Innovation and Science with the necessary resources to strengthen and expand leading-edge research initiatives. This investment in research and development aims to fuel innovation, foster breakthrough discoveries, and drive technological advancements across various industries.
In addition to supporting research, the budget also emphasises aiding start-up and early-stage businesses. The allocated funds will be directed towards offering financial support, mentorship programs, and business development resources to help these enterprises thrive. This targeted support for emerging businesses is designed to stimulate entrepreneurship, create job opportunities, and cultivate a vibrant entrepreneurial ecosystem in South Australia.
The Budget also recognises the importance of fostering the adoption of critical technologies by industries. By investing in initiatives and infrastructure that promote the uptake of advanced technologies, the government aims to enhance the competitiveness, efficiency, and sustainability of key sectors. These technologies may include automation, digitalisation, renewable energy solutions, and other innovations that have the potential to revolutionise industries and drive economic growth.Top of Form
In addition, the budget also focuses on fostering the growth of the local screen industry. Recognising the economic and cultural significance of the film and television sector, the government plans to implement strategies that attract productions, facilitate infrastructure development, and create opportunities for local talent. These initiatives aim to position South Australia as a preferred destination for screen productions, stimulating economic activity and promoting the state’s creative industries.
In order to address workforce needs and challenges, the State Budget outlines the development of comprehensive workforce strategies. These strategies aim to align the skills and capabilities of the local workforce with the evolving demands of the job market. By focusing on workforce development, the government aims to ensure that South Australia possesses a skilled and adaptable workforce that can support the growth and competitiveness of industries across the state.
Additionally, the State Budget emphasises the recovery of the international higher education sector to pre-pandemic levels. Recognising the importance of international students to the state’s economy and cultural diversity, the government plans to implement measures to attract and support international students.
These initiatives may include marketing campaigns, streamlined visa processes, and enhanced support services to create a welcoming environment for international students.
Key highlights of the State Budget include:
- An allocation of AU$6.5 million to provide support and investment for small and family businesses, facilitating programs that enhance their capabilities, capacity, and sustainability as part of the SA Small Business Strategy.
- A significant investment of AU$25.4 million in South Australia’s six National Collaborative Research Infrastructure Strategy (NCRIS) facilities. This funding will be complemented by co-investment from the Australian Government, local universities, and research institutes, aiming to enhance research and innovation capabilities.
- A yearly investment of AU$5 million in the Research and Innovation Fund, with the objective of promoting world-class research, fostering the growth of high-growth innovative businesses, and providing upskilling opportunities for the innovation workforce in preparation for future jobs.
- Increased support for the Adelaide Film Festival and an investment to support StudyAdelaide in elevating the reputation of South Australia as a preferred destination for high-quality international students.
