The New South Wales Government has passed new legislation designed to enhance economic development and build stronger communities in rural and regional areas.
The modernised Regional Development Act reflects the community feedback and 232 submissions received in response to the community engagement on the Bill.
This engagement also included hearing from rural and remote council mayors and general managers, regional councils, the NSW Aboriginal Land Council, Business NSW, NSW Farmers, Regional Development Australia, regionally located universities and the NSW Aboriginal Women’s Advisory Network.
The new legislation provides a robust framework for how the government’s $400 million Regional Development Trust supports community needs and economic development in the communities it is designed to serve.
The changes introduce independent accountability, greatly improve cooperation between all levels of government and provide greater transparency in funding arrangements for regional development projects.
The Regional Development Act has now been modernised with:
- Updated objects of the Act to reflect the contemporary needs of rural and regional New South Wales and encourage cooperation and collaboration with all tiers of government including local government
- Broader types of financial investment that can be provided from the Regional Development Trust to better respond to the challenges and opportunities in rural and regional New South Wales
- Reinvestment enabled into the Regional Development Trust by government, private sector and non-for-profit organisations
- Strengthened accountability and transparency through new governance and reporting provisions requiring the publication of an annual report, investment strategy and governance framework so the public have a clear understanding of the focus and investment of the Regional Development Trust
- A mandate that the Minister must establish a Regional Development Advisory Council so that independent expert advice is a constant component of the administration of the Regional Development Trust
As part of the modernised Regional Development Act, the Regional Development Advisory Council will provide independent advice and oversight on investments from the Regional Development Trust.
Community members interested in shaping the future prosperity of regional New South Wales are encouraged to apply to become part of the State Government’s Regional Development Advisory Council.
Expressions of Interest for the new Advisory Council opened on 11 September 2024 and close on 9 October.
New South Wales Minister for Agriculture and Regional NSW, Tara Moriarty, said that updating the Regional Development Act is an important milestone that ensures investments into rural and regional communities from the government’s $400 million Regional Development Trust are strategic and provide real benefits for regional communities.
“This new act represents the full delivery of the Regional Development Roadmap to update our regional development framework,” Minister Moriarty said.
“This is in addition to the establishment of the regional development advisory council and the investment of $400 million into the regional development trust.
“The trust will invest where it is needed most and support projects that deliver meaningful benefit to regional communities.
“With these changes, regional communities can have full confidence that investments are made in a fair and transparent way underpinned by independent expert advice.”
More information about the Regional Development Roadmap is available here.
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