REGIONAL GROWTH FUND PROVIDING GUARANTEED FUNDING

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2 2036 WILL MARK OUR STATE S BICENTENARY By the time our State turns 200 years old, I want South Australia to be a place of prosperity. Planning and delivering on my vision for a better future starts now. This policy is just one part of our plan to deliver a clear and responsible pathway to recovery and success. See where it fits in below 1.0 GROWING OUR ECONOMY 1.3 Investing in programs to increase export potential of businesses to drive sales and opportunities 1.6 Unlocking the resources and production of our regional areas and ensuring growth opportunities for regional businesses and industries 2.0 THE BEST EDUCATION SYSTEM 3.0 BEING A HEALTHY STATE 4.0 STRENGTHENING COMMUNITIES 5.0 BUILDING OUR STATE 5.4 Ensuring we have inclusive and liveable city centres and regional hubs 6.0 ENSURING SAFETY AND JUSTICE 7.0 PROTECTING OUR ENVIRONMENT 8.0 EMBRACING OUR UNIQUE CULTURE 9.0 RUNNING AN EFFICIENT AND STABLE GOVERNMENT

3 Government funding support to our regions needs to be predictable and long term.

4 THE PROBLEM Our regions are the backbone of our economy. They contribute over $25 billion of our annual Gross State Product. They represent 29% of South Australia s population. But they have been neglected by the city-centric Labor Government since At the last election, the Liberals announced a policy to provide annual funding of $15 million to the regions to support job creation. Labor only matched that commitment after the 2014 election when it was forced into minority government. Labor s lack of commitment to the regions means that long-term funding to important regional projects is not guaranteed through the current Regional Development Fund (RDF). The Weatherill Government has also failed to administer the RDF in a consistent way. Distribution of the current RDF has been inconsistent and ineffective. For example, round four of applications has been abandoned due to over-subscription to previous rounds while some projects have received RDF support when the funding could have come from other programs. Concern has also been expressed during our consultation about the application of RDF funds that more smaller businesses have not always been able to benefit because in some cases funding has gone to bigger companies with greater capacity to make investments without government assistance.

5 THE STATE LIBERALS PLAN $150 million is a real commitment to supporting and building up regional South Australia. If elected in March 2018, a Liberal Government will commit to injecting $150 million over the following 10 years to support employment growth in the regions. To reflect a new focus on regional growth, we will re-badge the funding mechanism as the Regional Growth Fund (RGF) with new criteria for allocating funds. Our vision for our regions is that they are supported to grow in economic prosperity, security and opportunity. To help achieve that vision, the objectives of the RGF will be to: Facilitate new economic opportunities Build and strengthen communities Applications for RGF support will be assessed and prioritised against the ability to deliver on these objectives. The framework for assessment of funding applications will be based on the following principles: Support for new economic activity that would not occur otherwise The activity creates benefit for multiple entities, including entities not directly associated with the application The activity contributes to the scale of an industry or sector The application has a connection to and has vested an interest in a specific regional community Assessments made in accordance with these principles will ensure the activities funded are those best able to grow employment and regional communities. Under our RGF, funding will only be contributed to activities which result in net increases in employment rather than re-allocating existing employment between businesses or locations. Growing employment in this way will support stronger population centres and contribute to the vibrancy of regional communities. In turn, our regions will be able to support a broader range of amenities and community activities, helping to attract and retain younger populations. Requiring activities receiving financial support from the RGF to deliver broader economic growth will also encourage clustering of businesses participating in the same value chain. This longer term commitment to support regional employment growth will provide greater certainty in the same way our Regional Roads and Infrastructure Fund will guarantee another major funding stream over the next decade to recharge our regions. The activity can be sustained without further intervention by government after the funding is provided

6 We will give a 10 year, $150 million guarantee for our Regional Growth Fund to support job creation and stronger communities in our regions. Steven Marshall, State Liberal Leader

7 If you would like to provide feedback on our policy or learn more about our plan, please get in touch via: The Office of Steven Marshall MP Parliament House - North Terrace, Adelaide SA 5000 Phone: steven@stevenmarshall.com.au Web:

8 marshall2036.com.au