Two years of inaction and cuts - NSW Labor fails Innovation Sector again

The release of the NSW Innovation Blueprint 2035 is a case of too little, too late. After two years in government, Labor has presided over funding cuts, stalled initiatives, and a decline in innovation performance, only now offering a plan that is light on detail and lacks real financial commitments.

Instead of decisive action to drive investment, support local startups, and retain high-growth businesses in NSW, this Blueprint is full of vague promises with no clear funding, no structural reforms, and no accountability. Meanwhile, businesses, entrepreneurs, and investors continue to struggle with shrinking capital markets and rising barriers to growth.

Shadow Minister for Innovation, Mark Coure said that, despite acknowledging that NSW lags behind global competitors in venture capital investment, patent applications, and commercialisation, the Blueprint offers no concrete targets to close these gaps.

“The Minns Labor Government boasts about supporting scale-ups, yet provides no clear plan to stop talent and businesses from leaving NSW for states that offer stronger investment incentives and policy certainty. It identifies the deep tech and local manufacturing funding crisis, and yet fails to provide a roadmap to build investment capability or attract capital, leaving critical industries to stagnate.” Mr Coure said.

“Labor’s track record on innovation funding speaks louder than this report. Since coming to office, the Minns Labor Government has cut support for startups, withdrawn investment from key commercialisation programs, and failed to address critical challenges in regional innovation. Instead of restoring confidence and ensuring NSW remains the leader in Australian innovation, this Blueprint doubles down on Labor’s inaction by offering more consultation and vague policy statements without immediate, measurable action.”

“The innovation sector as identified in this blueprint needs support, it needs urgent investment, red tape reduction, and a real commitment to fostering growth. Without real funding, proper reform of procurement processes, and tangible action to build investor capability, NSW risks falling even further behind its global competitors.”

“Instead of making NSW the best place to innovate, Labor’s two years of inaction and cuts have left the state playing catch-up, with no real plan to lead.”

“The upcoming state budget is the Minns Labor Government’s opportunity to restore the funding they have previously cut to things like the MVP grants program. It’s time they put their money where their mouth is and give the sector the funding and attention it deserves.”

ENDS