Venture Capital Fund

The Hon. D.W. RIDGWAY (Leader of the Opposition) (15:11): Oh, beauty. Thank you, Mr President.

The Hon. K.J. Maher: Rule it out, Ridgy, you're on your feet.

The Hon. D.W. RIDGWAY: Mr President, can I ask you—if he interjects again, can you actually name him and throw him out?

The PRESIDENT: Well, the last time I did that I didn't get support, so I am very careful about that.

Members interjecting:

The PRESIDENT: Order! I've got no doubt I would be a little bit more successful this time. But, I will say to the Leader of the Government: it is totally disrespectful, while any person in this chamber is on their feet asking or answering a question, to be talking or interjecting. So, the honourable Leader of the Opposition, proceed.

The Hon. D.W. RIDGWAY: I seek leave to make a brief explanation before asking the Minister for Innovation a question about the venture capital fund.

Leave granted.

The Hon. D.W. RIDGWAY: The government announced the establishment of a $50 million venture capital fund in this year's budget, and it was to be up and running by the end of the year. During budget estimates the minister confirmed that no fund manager had been appointed, and therefore had not determined how the fund would operate. So, my questions to the minister are:

1. Has a fund manager been appointed? If so, who has been appointed, what is their salary and in which arm of DSD do they sit?

2. Has it been determined how the fund will operate and when will those details be made public?

3. How many expressions of interest in accessing capital through this fund have been received by the government?

Members interjecting:

The PRESIDENT: Order! Will all members desist; the Leader of the Government will answer the question.

The Hon. K.J. MAHER (Minister for Employment, Minister for Aboriginal Affairs and Reconciliation, Minister for Manufacturing and Innovation, Minister for Automotive Transformation, Minister for Science and Information Economy) (15:12): I thank the honourable member for his question and I am glad to see that he has now found his voice, after being gagged, after being stripped of the first question of the day, as you would expect the Leader of the Opposition to have. As you would expect, he was gagged, he was not allowed to talk about it. It might be the first sensible decision the member for Dunstan, the Leader of the Opposition, has made in banning the Hon. David Ridgway from asking the first question.

Members interjecting:

The PRESIDENT: Minister, get to the question.

The Hon. K.J. MAHER: I'm glad he's asked a question about our policies, of which we have very many, standing in stark contrast to what they have.

In terms of the biggest single investment this state has ever seen in innovation, which the honourable member asks about, we did announce close to $80 million of new funding in the innovation space; $10 million for an early commercialisation fund; and $50 million for a state venture capital fund. I am pleased that the early stage commercialisation fund is anticipated to be up and running by the end of this year.

I expect that, towards the end of this year or very early next year, there will be a fund manager for the venture capital fund, and some time in the second quarter of next year is the aim to have that up and running. It is expected that the deal flow we will see through that first stage, the $10 million fund, will see a similar amount find its way into the venture capital fund.

We will make no apologies for going to get the best people we can to manage the venture capital fund—make no apologies for doing that—and to make sure we take the best advice, the most sound advice, about how it might operate most effectively. I have had very many discussions with a wide range of people in the equities industry and the venture capital area about the best way to do this, and we will make no apologies about making sure that we get the biggest bang for our buck for our fund. I invite the honourable member to ask a supplementary and maybe have the guts to answer the questions about his involvement in destabilising his leader.

Members interjecting:

The PRESIDENT: Order!

Members interjecting:

The PRESIDENT: Order! I call the Hon. Mr Hood.

Members interjecting:

The PRESIDENT: Order! The Hon. Mr Hood has the floor. Will all members desist? The Hon. Mr Hood has the floor.