TRADE AND ECONOMIC DEVELOPMENT DEPARTMENT COSTS

In reply to Dr McFETRIDGE (Morphett) (26 June 2008).

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I have been provided the following information:

The $62.425 million included in budget paper 4, volume 1, page 2.7 represents the net cost of all the services provided by the Department of Trade and Economic Development (DTED). The aim of DTED is to work with business and the community to create and retain jobs, maintain a competitive business climate, increase investment, facilitate major projects, encourage innovation and entrepreneurship, promote trade and ensure the development of a highly skilled workforce to meet the needs of business.

In 2007-08 DTED worked with a number of businesses that have committed to investments in excess of $800 million that will generate more than 2,537 new jobs.

The above investments committed and new jobs that will be generated include:

$82 million committed by successful applicants of round 2 of the Innovation and Investment Fund generating 577 new jobs;

$211 million committed by successful applicants under the Regional Development Infrastructure Fund generating 468 new jobs;

$384 million committed through facilitation by the regional development boards (funded through DTED) generating 627 new jobs; and

$137 million committed through other investment attraction and case management facilitation generating 865 new jobs.