The Minns Labor Government has launched the NSW Industry Policy, a comprehensive plan to drive economic growth, industry collaboration, and investment.
The policy is structured around three key missions: Housing, Net Zero & Energy Transition, and Local Manufacturing, aiming to strengthen NSW’s economy for the future, the government said in a news release.
Minister for Industry and Trade Anoulack Chanthivong said the policy provides a stable and clear direction for businesses and industry stakeholders.
“This is a clear and stable policy approach to help guide private sector investment needed to increase jobs and productivity in NSW.”
A major component of the policy is the introduction of three Local Manufacturing targets: achieving real growth in manufacturing Gross Value Added (GVA) by 2031, ensuring GVA growth matches or exceeds Gross State Product between 2031 and 2040, and reaching a 50 per cent local content target for rolling transport stock by 2035.
Brad Pidgeon, State Secretary of the Australian Manufacturing Workers’ Union, praised the targets, stating, “This policy, particularly the three new Local Manufacturing targets, provides a huge boost for manufacturing workers right across the state.”
Helen Waldron, NSW Head of the Australian Industry Group, highlighted the policy’s importance, saying, “Having a clear, overarching strategic vision from the NSW Government provides NSW industry with the tools it needs to attract and grow investment supported by Government policy settings.”
Beyond manufacturing, the policy tackles housing affordability, with an $8.5 billion investment in social housing, homelessness services, and planning reforms.
It also commits $3.5 billion to clean energy initiatives, including Renewable Energy Zones and green hydrogen development, supporting NSW’s transition to a low-carbon economy.
The government said it will work with industry, research institutions, and the private sector to implement the policy through strategic land use, procurement, infrastructure investment, and skills development.
Chanthivong reaffirmed the government’s commitment: “We want to see a manufacturing industry that is innovative, productive, and boosts Australia’s sovereign capability.”
