State Budget

The Hon. T.J. STEPHENS (14:47): My question is to the Minister for Trade, Tourism and Investment. Can the minister update the council about how the South Australian government is building our economy via measures in this year's state budget?

The Hon. D.W. RIDGWAY (Minister for Trade, Tourism and Investment) (14:48): Thank you, Mr President, and I thank the—

Members interjecting:

The PRESIDENT: Order! Show some respect for the Hon. Mr Ridgway. He is on his feet.

The Hon. D.W. RIDGWAY: I thank the honourable member for his question. The state budget was handed down recently and outlines how the Marshall Liberal government is building a better future for South Australians. As the Treasurer and Premier have outlined, last year's budget set a vision for our state, and now it's time to build. We are building our economy, our roads, our schools, a better health system and our regions. All this activity leads to more South Australian jobs.

Part of the ambition to build our economy is attracting interstate and international companies to establish in South Australia. That's why we announced a $4 million investment from the Marshall government's Economic and Business Growth Fund towards the South Australian Landing Pad to further stimulate the local economy, create jobs and grow crucial industries. The Landing Pad offers global businesses and entrepreneurs up to $80,000 over 12 months to help cover business accommodation and professional services costs. No matching funding is required. The funding is split into two streams where businesses can get, first of all, up to $40,000 to access our unique innovation and co-working hubs—

Members interjecting:

The PRESIDENT: Can the Labor front bench show some respect and stop trying to taunt the Treasurer, because he is actually seated and the Hon. Mr Ridgway might be saying something important.

The Hon. D.W. RIDGWAY: I hope it is all important, Mr President.

The Hon. C.M. SCRIVEN: Point of order, Mr President: we were trying to taunt the Hon. Mr Ridgway, not the Treasurer.

The PRESIDENT: It didn't sound like that to me because you were talking about privatisation and the minister is talking about trade.

The Hon. D.W. RIDGWAY: Mr President, I have taken your advice and I don't listen to the rabble opposite me anymore. In fact, I think they are an embarrassment to all the previous oppositions that have been here. Nonetheless, the funding is split into two streams, where businesses can get up to $40,000 to access our unique innovation and co-working hubs and up to $40,000 to access professional support and advice. The Landing Pad initiative will help attract exciting start-up and scale-up companies to grow the South Australian economy. The program welcomes all stages of growth, except the seed stage, including early-stage commercialisation companies and SMEs with global customers, and larger companies.

The Landing Pad is not rounds based, so once the program is open, applications can be submitted at any time. The initiative, along with the Defence Landing Pad, will show international companies that South Australia is serious about leading the way in entrepreneurship, cybersecurity, defence, space and innovation, whether it be by encouraging the growth of existing sectors or developing new industries. Building international connections and attracting foreign and national direct investment, our emphasis will be on sector-wide opportunities.

The $100 million Economic and Business Growth Fund was established to help grow the South Australian economy and create jobs with a focus on strategic sector-wide investment opportunities. We look forward to welcoming more of the world's best and brightest to South Australia as we capitalise on the strong business confidence and ongoing momentum. Applicants will be assessed through a competitive process, with priority given to businesses related to our eight priority sectors. This is part of a suite of new measures worth millions of dollars to be funded by the Economic and Business Growth Fund and outlined in the budget, including the red meat strategy, screen production investment, the Accelerated Discovery Fund and more.

The Liberal state government is committed to creating an environment where small businesses across a range of industries, both emerging and established, can thrive. We are building a better South Australia for all South Australians.