The Malinauskas Government is investing in businesses located in South Australia with the first round of the $122 million Economic Recovery Fund (ERF), with a focus on Manufacturing Innovation and Regional Tourism Infrastructure Development.
A total of $20 million will be available to co-invest with successful businesses and organisations in the form of grants or concessional loans.
Successful businesses will need to demonstrate the project will have a wider economic benefit, such as creating ongoing jobs, upskilling an existing workforce, improved productivity, access to new markets or the introduction of new products, services and technologies.
The Regional Tourism funding stream is dedicated to eligible infrastructure projects, examples include:
- New accommodation or expansion builds;
- Infrastructure to enhance visitor engagement, including cellar doors; and
- Infrastructure required to develop a new tour offering utilising existing products and experiences.
The 11 regions are:
- Adelaide Hills
- Barossa
- Clare Valley
- Eyre Peninsula
- Fleurieu Peninsula
- Flinders Ranges and Outback
- Kangaroo Island
- Limestone Coast
- Murray River, Lakes and Coorong
- Riverland
- Yorke Peninsula
Tourism is a key growth sector in South Australia. The tourism industry employs around 40,000 South Australians. The sector is worth $9.9 billion to the state and is on track to hit its 2030 target of $12.8 billion.
The ERF is in addition to the government’s Major Events Fund and Tourism Industry Development Fund, and major drawcards such as LIV Golf, AFL Gather Round and the Adelaide 500.
This is the first of several targeted rounds specifically calibrated to assist business and industry grow jobs, improve productivity and introduce innovative technologies, products or services in South Australia. The focus of future ERF rounds will be announced as they are opened.
The ERF was established in the 2022-23 Budget. It’s being deployed now to ensure the government is supporting businesses to grow as national and global economic conditions soften.
Stephen Mullighan, the South Australian treasurer, said the ERF will help local businesses and organisations to grow, diversify and transform.
“It means more jobs and a stronger economy,” he said.
“With national and international challenges upon us, now is the time to support our own.”
The 10-year strategy aims to harness South Australia’s competitive advantages to support multi-generational opportunities in defence, the state’s transition to a low-carbon industrial future, and to increase innovation and skilled jobs.
