NSW Treasurer Matt Kean has handed down his first budget yesterday which includes an unprecedented $703.4 million for a Future Economy Fund.
The Future Economy represents the single-largest investment in scientific research, innovation, and technological development in the State’s history. This fund presents a rare opportunity to secure NSW’s position as the economic powerhouse of Australia by creating new jobs and driving growth in emerging industries such as digital technology, MedTech and the clean economy. This is aligned with specialisations in target sectors for the Government’s Global Talent Visa Program.
NSW’s $703.4 million Future Economy Fund is to be invested over four years and includes the following key program themes:
- $142 million will be set aside as dedicated funding for R&D and innovation growth in sectors where NSW has an existing competitive advantage, such as quantum computing, and advancing collaboration with universities, CSIRO and the private sector
- $219 million will be allocated to growing certain priority industry sectors, such as modern manufacturing, MedTech and defence and aerospace
- $342.4 million to boost support for the commercialisation of products, services and emerging digital technologies in fields that will grow the economy and provide targeted support to reach institutions, start-ups, scale-ups, and small-to-medium enterprise sectors in NSW
Minister for Science, Innovation and Technology Alister Henskens said:
“New South Wales is leading the nation when it comes to science, innovation and technology, and we want to be a world leader in translating research into economy outcomes that deliver a brighter future for our State”
NSW’s commitment to innovation and commercialisation in these the future-focused industries of digital technology, MedTech and the clean economy align with the initiatives and goals of the Australian Government’s Global Talent Visa Program. The Global Talent Visa Program is designed to attract the brightest and top talent across the world in ten future-focused target sectors. Amongst these target sectors are DigiTech, health industries and circular economy. NSW’s investment to leverage world leading scientific researchers and innovations present a golden opportunity to attract global talent to the state of NSW.
If you are an exceptionally talented professional or entrepreneur in a future-facing industry, now is the time to seize these career opportunities on offer in NSW. Eligible individuals get priority processing for a Global Talent visa which is a permanent visa. The Global Talent Visa Program, also known as the Global Talent Independent Program, offers a priority visa pathway for highly skilled professionals to live and work permanently in Australia. The program is designed to attract top talent from across the world in specific future-focused target sectors. To be eligible to express interest in this program, applicants must be highly skilled in one of the ten target sectors:
- Resources
- Agri-food and AgTech
- Energy
- Health Industries
- Defence, Advanced Manufacturing and Space
- Circular Economy
- DigiTech
- Infrastructure and Tourism
- Financial Services and FinTech
- Education
In addition, you must:
- Prove you are internationally recognised with evidence of outstanding achievements
- Be prominent in your field of expertise
- Provide evidence that you would be an asset to Australia in your area of expertise
- Have no difficulty obtaining employment in Australia or becoming established in your field
- Have a recognised organisation or individual in Australia nominate you as a global talent in the same field as you
- Have the ability to attract a salary at or above the Fair Work high-income threshold of AUD158,500.
To find out more about the Global Talent Visa Program, see here. Our Independent Global Talent Advisors can assist us in a preliminary assessment of your eligibility.
Get in touch with Migration Affairs today at info@migrationaffairs.com.au to find out if you are eligible for Australia’s Global Talent Visa.
