Home Strategy NSW Govt rejects criticism of jobs creation programme

NSW Govt rejects criticism of jobs creation programme

The NSW Government has hit back at criticism that its $190 million job creation fund has yielded “drastically low results’, saying the fund is on track to create almost 20,000 jobs for the state by 2021/22.

The government was reacting to a report in Sydney’s Daily Telegraph that the Jobs for NSW Fund was not delivering on the promise, when the fund was established in 2015, to drive the creation of 150,000 new jobs over the next four years.

The acting chief executive of Jobs for NSW, Geoff White, said the organisation was investing in the long-term future of the state with a $190 million fund run by an independent board which included some of the nation’s best business minds and which was led by former Telstra chief executive David Thodey.

“The claims made today are misleading – to suggest that investments like this generate jobs overnight is to completely misunderstand how business works,” White said.

Thodey said Jobs for NSW products and investments were about creating sustainable jobs and making sure the Jobs for NSW Fund could become self-sustaining over time.

“Our investments through Jobs for NSW were never intended to be short-term sugar hits – they will take a few years to realise fully their job creation targets,” he said.

“Instead of using the $190 million to hand over cash in the form of one-off grants, the board and team at Jobs for NSW have developed innovative products, services and investments that support start-ups and companies to create jobs over the long term, including:

  •  The nation’s biggest single startup location — the Sydney Start-Up Hub — where 2500 innovative people will work to create jobs and industries of the future;
  •   Loan products to offer companies capital to invest in growing jobs in NSW and which are recycled back to the Fund, providing more taxpayer bang for buck;
  •   A direct equity investment product developed in partnership with a leading superannuation fund to invest in companies growing their workforce in NSW; and
  •   In new industry precincts like Westmead, one of the largest health, research and education precincts in the world.

Thodey said the NSW Government set a target of creating 150,000 jobs by 2019, and that target had been smashed, with almost 250,000 jobs (246,000) created in NSW between April 2015 and January 2018 (Australian Bureau of Statistics figures).

“Jobs for NSW is one agency contributing to the overall government job creation target and the latest forecast is that Jobs for NSW will support or generate almost 20,000 jobs by 2021/22,” Thodey said.

“The NSW Government, through Jobs for NSW, is making the smart investments needed to create the businesses and jobs of the future for the people of NSW.”


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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).