❓ A WA parliamentary question seeks details on the Investment Attraction and New Industries Fund (IANIF), including expenditure, applications, company relocations, job creation, and funding allocation. The response provides some financial data and clarifies the fund's renaming, but defers on specific outcomes due to ongoing assessments.
AnsweredQoN 595Legislative Assembly
Asked
26 October 2022
Member
Portfolio
Deputy Premier; Minister for State Development, Jobs and Trade; Tourism; Commerce; Science
QuestionView source ↗
I refer to the Investment Attraction and New Industries Fund (IANIF), announced on 30 August 2021 and I ask: (a) What was the total amount expended in 2021-22; (b) As of 30 August 2022: (i) How many applications were made to the IANIF; (ii) How many projects received funding; (iii) How many companies have moved to WA with the support of the fund; (iv) Please list the companies in (b)(iii), and detail: (A) The date they moved to Western Australia; (B) Whether the company is registered in Western Australia; (C) The locality the company moved to; and (D) The jurisdiction the company moved from; (v) How many projects that received funding returned funding? Please list the projects; (c) Is the Government still committed to spending $25 million per year through the IANIF; (d) How many jobs have been created by the IANIF to date? Please breakdown into regional and metropolitan; (e) Please provide a breakdown of the funding provided to date and the total amount budgeted for each of the following: (i) Australian Remote Operations for Space and Earth; (ii) Industry-led Investment Attraction; (iii) New Industries Fund; and (iv) Space Industry; and (f) How much money, if any, has been spent on implementing the WA Health and Medical Life Sciences Industry Strategy to date: (i) Please detail the projects and businesses that have been recipients of any funding?
AnswerView source ↗
Answered
1 December 2022
Response time
10 days
The Department of Jobs, Tourism, Science and Innovation advises:
The Investment Attraction and New Industries Fund was formally re-named the Investment Attraction Fund to separate it from the existing New Industries Fund. This response pertains to the Investment Attraction Fund.
(a) Final detailed applications were received on 12 October 2022 and the formal assessment process is currently underway.
(b) There were 201 submissions to the Investment Attraction Fund, resulting in 171 eligible expressions of interest. The final assessment of shortlisted applications is currently underway.
(c) The Government is committed to supporting industry-led economic development projects and initiatives and creating jobs in Western Australia through the Investment Attraction Fund.
(d) The assessment of applications to the Investment Attraction Fund is currently underway.
(e) Funding from the Investment Attraction Fund has been allocated to the following areas:
Program
Budget
Spend to 31/10/22
Australian Remote Operations for Space and Earth
$2.2 million
$0
Investment Attraction Fund grants program
$151.2 million
$778, 221 *
New Industries Fund
$16.7 million
$3,423,404
Space Industry
$4 million
$626,379
Health and Medical Life Sciences Industry Strategy
$5.9 million
$121,138
* Reflects program operational costs
(f) Further to (e) this spend included funding for Innovation Booster Grants to the following four entities:
· Biotome
· Force Hooks
· Pretect Devices
· Respiradigm.
Details of the recipients and their projects are available on Western Australian Government website.
The Investment Attraction and New Industries Fund was formally re-named the Investment Attraction Fund to separate it from the existing New Industries Fund. This response pertains to the Investment Attraction Fund.
(a) Final detailed applications were received on 12 October 2022 and the formal assessment process is currently underway.
(b) There were 201 submissions to the Investment Attraction Fund, resulting in 171 eligible expressions of interest. The final assessment of shortlisted applications is currently underway.
(c) The Government is committed to supporting industry-led economic development projects and initiatives and creating jobs in Western Australia through the Investment Attraction Fund.
(d) The assessment of applications to the Investment Attraction Fund is currently underway.
(e) Funding from the Investment Attraction Fund has been allocated to the following areas:
Program
Budget
Spend to 31/10/22
Australian Remote Operations for Space and Earth
$2.2 million
$0
Investment Attraction Fund grants program
$151.2 million
$778, 221 *
New Industries Fund
$16.7 million
$3,423,404
Space Industry
$4 million
$626,379
Health and Medical Life Sciences Industry Strategy
$5.9 million
$121,138
* Reflects program operational costs
(f) Further to (e) this spend included funding for Innovation Booster Grants to the following four entities:
· Biotome
· Force Hooks
· Pretect Devices
· Respiradigm.
Details of the recipients and their projects are available on Western Australian Government website.
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