Multiple outlets report that the state government has discontinued a $20 million investment fund intended to support future industries. The program, described as aimed at priority sectors including the circular economy, is said to have been binned in last week’s budget. Coverage indicates the fund was ended without awarding any grants, suggesting no successful funding decisions were made before it was removed from the budget.
The reports describe the change as occurring “quietly,” with the fund not continuing in the subsequent budget arrangements. While the outlets focus on the decision to discontinue the program, they do not provide details on the government’s stated reasons, the fate of the budget allocation beyond being removed, or alternative funding arrangements for the targeted sectors.
Overall, the coverage agrees that a previously announced $20 million mechanism to “turbocharge” future industries is no longer part of the state’s budget following the recent fiscal update, and that the fund does not appear to have delivered any grants before being cancelled.
