Deputy Premier Andrew Stoner image

Industry Action Plan targets revealed

Manufacturing, Professional Services, the Digital Economy, International Education as well as Research, Tourism and Events are the first five sectors to be targeted by the NSW Government Industry Action Plans, designed to strengthen the state economy for the future.

According to Deputy Premier Andrew Stoner, the NSW Government has established Industry Taskforces and Industry Action Plans to ensure the stability of key sectors of the state economy.

“The Industry Action Plans and Industry Taskforces will identify what both industry and government can do to strengthen key NSW industries in the face of challenges within Australia and overseas… These Industry Action Plans will help us rebuild the NSW economy from the ground up.”

The first five sectors to be targeted by the Industry Action Plans will see a focus on:

  • Manufacturing – with a focus on processed food and beverage manufacturing; metal manufacturing; and machinery and equipment manufacturing including biomedical and medical devices, renewable energy technology, and defence equipment.
    • The Taskforce will be chaired by Andrew King, from Capstone Partners who has had a 40 year career in manufacturing, including with Rheem/Southcorp, Carrier Airconditioning and Victa.
  • Professional Services – focused on finance and insurance; legal and regulatory services; and engineering services.
    • The Taskforce will be led by the Honourable Warwick Smith AM, Chair of ANZ Bank NSW and ACT.
  • The Digital Economy – focused on digital content and applications; information services and analytics; and smart networks and intelligent technologies.
    • The Taskforce will be chaired by Glenn Wightwick, Director of IBM Research and Development Australia.
  • International Education and Research – with a focus on pursuing education export opportunities (from both public and private providers), building international education and research collaborations; and pursuing opportunities for innovation in education delivery.
    • A Chair for this Taskforce will be announced soon.
  • Tourism and Events – a Visitor Economy Taskforce is already established and chaired by Russell Balding AO, former CEO of Sydney Airport, to develop a tourism and events strategy to double tourism expenditure to NSW by 2020.

Stoner said the final Industry Action Plans, due for release in 2012, will:

  • Outline a vision and 10-year development strategy for each industry, with immediate priorities to be addressed in 2012;
  • Identify drivers for, and barriers to, growth and innovation, including those caused by government practices;
  • Detail a program and mechanisms for government and industry to encourage sector growth, competitiveness and innovation; and
  • Contain key performance indicators including clear timetables and benchmarks to monitor progress.

Further sectors of the economy will be considered for Industry Action Plans and Industry Taskforces at a later stage.

“As well as the Industry Taskforces, we will be undertaking thorough engagement with the community, including through metropolitan and regional forums, online consultation and a request for submissions,” Stoner added.

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