2022-23 NSW BUDGET TURBOCHARGES VISITOR ECONOMY

An artist's impression of the new Powerhouse Museum at Parramatta

Initiatives announced in the 2022-23 NSW Budget will ensure continued support for the visitor economy on its road to recovery and cement NSW as the premier visitor economy of the Asia Pacific.

More than $422 million in funding will turbocharge Destination NSW strategies to support local operators and businesses, promote NSW destinations and experiences to domestic and international markets and secure partnerships with airlines and trade partners.

Key initiatives include delivering the Aviation Attraction Fund to secure routes and support airlines to return to the state’s airports; developing the NSW Government’s ‘Feel New’ marketing campaign to provide a compelling and unified visitor message for the state to entice visitors; managing product and industry development programs, such as New Product Workshops, and assisting NSW visitor economy businesses to attend annual trade events; and securing a state-wide calendar of world-class events, including Vivid Sydney, Sydney WorldPride 2023 and the 10 World Cups in 10 Years initiative.

Minister for Enterprise, Investment and Trade, Minister for Tourism and Sport and Minister for Western Sydney Stuart Ayres said: “The past few years have been very challenging for the visitor economy, and we are focused on investment and collaboration across government and industry to rebuild and return to pre-COVID visitation levels by 2024. 

“The visitor economy is the lifeblood of many communities from Byron Bay to Broken Hill and is pivotal to the future economic prosperity of Western Sydney with the development of the Western Parklands City, Western Sydney Aerotropolis and new Western Sydney International Airport.” 

The 2022-23 NSW Budget is also investing $1.3 billion to expand the Regional Growth Fund to continue creating opportunities in regional NSW, with $230 million allocated to support tourism development projects and enabling infrastructure, leveraging recent significant growth in regional tourism and supporting job creation.

The funding includes $391.3 million for the Snowy Mountains Special Activation Precinct, to support the development of the regional visitor economy and transition the region to a year-round destination. The NSW Budget has also allocated $65 million for the Department of Regional NSW’s Regional Events Acceleration Fund.

Local Government NSW (LGNSW) welcomed $49 million over four years for the maintenance and upgrading of Crown Lands and said it was good news for regional tourism and economic activity in rural and regional communities.

Executive Director of Business Western Sydney David Borger said the NSW State Budget delivered on key commitments to Western Sydney and continued to drive forward the infrastructure needed to support job creation and investment.

“Western Sydney is where the growth is in our great city. The business community applauds the NSW Government’s decision to get the ball rolling on the planning approval process for Parramatta Light Rail Stage 2,” Mr Borger said.

Committee for Sydney Deputy CEO Ehssan Veiszadeh said: "We welcome the Government’s move to expand Western Sydney Airport Metro from Bradfield to Glenfield. This is an important first step towards better connecting Western Sydney to itself."

Western Sydney transport infrastructure has been allocated $2.8 billion for key initiatives, including the Parramatta Light Rail; $246.1 million has been set aside for the new Powerhouse Museum at Parramatta and expansion of the Museum Discovery Centre in Castle Hill; $9.5 million in 2022-23 ($78.3 million over 10 years) to improve pathways and park facilities at Western Sydney Parklands; and $5 million in 2022-23 to Venues NSW to develop a final business case for an operable roof at Stadium Australia.

Additionally, more than $1.4 billion will be spent on arts and creative infrastructure across NSW. This will fund a range of initiatives, including free general admission to cultural institutions, extending cost of living programs, support for artists at all stages of their careers and developing new cultural infrastructure projects.

The NSW Budget also provides wide-reaching measures that will have a positive impact on the visitor economy, including a $112.7 billion four-year infrastructure program, $39.8 billion for public transport and roads, $3.3 billion for sustainability and the clean economy and $500 million commitment to deliver on the NSW Government’s Fast Rail vision.

A new Future Economy Fund has been allocated $703.4 million to drive innovative, high-growth business in priority sectors and drive productivity in emerging high-value industries, such as digital technology, medical technology and the clean economy. The fund will allow the NSW Government to secure companies to relocate to NSW or support local businesses to grow.

Minister for Enterprise, Investment and Trade Stuart Ayres said the fund would consolidate prior funding routes to deliver the next wave of economic growth and productivity for NSW businesses and workers.

“Starting right from research and development and commercialisation through to business growth, upskilling and export opportunities, the Future Economy Fund will mean NSW is the home of world-leading industries,” Mr Ayres said.