Projects supported by the Regional Development Fund (RDF) have made an economic contribution to the State of $933 million and created 2,265 regional jobs in 2015/16 alone, according to an independent report released last week.
The analysis – by auditing and consulting firm Ernst and Young – has highlighted the importance of the RDF in driving economic growth across the state, estimating the RDF’s contribution to the State’s economy in 2015/16, as well as the ongoing economic impact over the next seven years to 2020/21.
$33 million in contestable grants were awarded in RDF Rounds 1 and 2, supporting 61 projects worth a combined $5.6 billion to the State’s economy through to 2020/21.
A total of 14,389 jobs will be generated across regional South Australia over the life of these projects.
80% of the value of awarded grants came from the two sectors of manufacturing (mainly food manufacturing), and the agriculture industries.
Regional Development Minister Geoff Brock said the report underscores the importance of regional South Australia as an economic powerhouse for the State.
“The impacts of the RDF reach far across South Australia, with direct and indirect job creation, increased economic activity, and greater investment bringing confidence and growth to local communities,” Mr Brock said.
The State Government’s Regional Development Fund drives economic growth and productivity by offering grants to boost investment in regional infrastructure and the creation of jobs and new opportunities in regional South Australia.
The report can be downloaded from www.pir.sa.gov.au/rdf