The NSW Government is taking a fresh approach to how it invests in regional NSW to make sure we can help meet the needs of all communities. This process is part of a new Regional Development Roadmap which includes three key elements:
- Investing in the Regional Development Trust Fund
- Appointing a Regional Development Advisory Council, and
- Modernising the Regional Development Act 2004.
Regional Development Trust Fund
The NSW Government has announced an initial investment of $350 million into a Regional Development Trust Fund for sustainable and strategic investment with a focus on priorities that make a real difference to regional communities.
The Regional Development Trust Fund will be invested in regional and rural communities through four focus areas:
- Sustainable regional industries, including emerging and engine industries
- Aboriginal economic development and enterprise
- Community infrastructure and capacity building
- Improving regional service delivery
Decision making on investment from the Regional Development Trust will be supported by recommendations from the Regional Development Advisory Council, and guided by clear investment principles aligned with the Australian Government’s Regional Investment Framework.
Frequently asked questions – Regional Development Trust Fund
The NSW Government is committed to ensuring investment of public money is informed by the best available evidence and focused on policies that make a real difference to the lives of people in rural and regional NSW.
The Regional Development Trust Fund will provide for secure, sustainable and strategic investment for rural and regional NSW. Over time, it is expected the Regional Development Trust Fund will reduce the reliance on grants as the primary source of government investment for communities and industry.
The NSW Government has committed an initial investment of $350 million over four years for strategic investment in regional and rural communities.
As part of the modernisation of the Regional Development Act 2004, the NSW Government - with advice from the Regional Development Advisory Council - will establish a robust and transparent framework to guide future investments decision making.
An initial investment round in regional pilot programs will commence in early 2024. Investment proposals will be considered in 2024.
The Regional Development Advisory Council
On 22 December 2023, the Minister for Regional NSW, Tara Moriarty, appointed seven members to the Regional Development Advisory Council for an initial 12-month term.
The Advisory Council is a body of experts that provide advice to the NSW Government and Minister on regional investment and economic development.
The members have been appointed by the Minister for Regional NSW consistent with Part 3 of the Regional Development Act 2004, and includes individuals with skills and experience in at least one of the following areas:
- regional and rural economics
- climate adaptation and resilience
- the delivery of services in regional areas
- community service activities
- the development of new industries
- finance
- public administration
- regional planning and infrastructure
- primary industries
- natural resource management.
The Advisory Council will play an important role in supporting the modernisation of the Regional Development Act 2004. The Advisory Council will also advise the Minister on establishing a robust governance framework to support the delivery of the $350 million Regional Development Trust Fund.
Enquiries relating to the Advisory Council can be submitted via email.
Regional Advisory Council Members
Alison Sheridan (Chairperson)
Professor Sheridan is Professor Emeritus at the University of New England (UNE). Professor Sheridan holds a Bachelor of Agricultural Economics (Hons) from the University of Sydney and PhD in Management from the University of New England.
Professor Sheridan has been based in regional NSW for 35 years and was previously head of UNE’s Business School. In this role she led the establishment of the UNE Smart Region Incubator and co-led the development of the Master of Economic and Regional Development course. Professor Sheridan is currently a director of Regional Australia Bank and Homes North Community Housing.
She has published more than 100 peer reviewed papers and co-authored the book Entrepreneurship in Regional Communities. She is a Principal Fellow of the Higher Education Academy, a graduate of the Australian Institute of Company Directors and Life Fellow of the Australian and New Zealand Academy of Management.
Thomas McKeon (Deputy Chairperson)
Thomas (Tom) McKeon is an accomplished professional with over 40 years of experience in the agriculture, asset, and investment management industries.
Based in South East NSW, Mr McKeon has a strong background in senior and executive management roles within largescale corporate agricultural companies, both in Australia and internationally.
Alison Stone
Alison’s experience in the public sector included roles as First Assistant Secretary at the Commonwealth Department of Sustainability, Environment, Water, Population and Communities and as Deputy Director General of Land and Natural Resources at the NSW Department of Primary Industries.
She is currently Chair of PrimeSafe in Victoria and was previously a member of the Commonwealth Government’s Forest Industry Advisory Council and on the NSW Wentworth Park Sporting Complex Trust. Alison holds a Masters in Environmental Studies from Melbourne University and a Bachelor of Economics from ANU.
Carol Vale
Carol Vale is a Dunghutti Woman from Armidale, NSW and has dedicated her career to improving outcomes for Indigenous Australians. She is the co-Founder and CEO of Murawin, a national professional advisory service specialising in social research, evaluation, place strategy and sustainability.
Carol is a Sociologist and has an extensive career working in the realm of Indigenous affairs with the intentional purpose of strategically integrating Indigenous voices into her projects. She has extensive experience in regional development and social planning and is a current member of the Planning Institute of Australia’s Cultural Knowledge Circle.
Ms Vale is a highly qualified and experienced individual with tertiary qualifications in public policy, sociology and Indigenous affairs.
Danica Leys
Danica Leys is an admitted solicitor in New South Wales and current Chief Executive of the Country Women’s Association (CWA) of NSW, which has a base of over 8,000 members. She is also an operator of a farming business in North West NSW.
Ms Leys is a board member for Greater Sydney Local Land Services and is a member of the NSW Domestic and Family Violence and Sexual Assault Council. She has previously held board positions with Australian Women in Agriculture Limited, AgChatOZ Incorporated and The University of Sydney Agriculture Alumni Association. Ms Leys previously worked as an agronomist and holds a Bachelor of Agriculture (Honours) from the University of Sydney and a Bachelor of Laws from the University of New England. Ms Leys is also a graduate of the Australian Institute of Company Directors.
Dianna Somerville (Ex-officio member)
Dianna Somerville is Chairperson of Regional Development Australia Riverina. She holds a Bachelor of Arts from the Australian Defence Force Academy University of New South Wales.
Dianna has extensive experience working across the public and not-for-profit sectors including with defence industries. Dianna has lectured in entrepreneurship and been involved with economic development in regional communities.
Dianna has been nominated as a suitable appointee by the Australian Minister for Regional Development, Local Government and Territories, the Hon Kristy McBain MP.
Steve Orr (Ex-officio member)
Steve has been serving as the Secretary of the Department of Regional NSW since April 2024. Prior to commencing as Secretary for the Department, Steve was the Chief Executive Officer of Local Land Services, where he managed a team of over 900 employees dedicated to supporting landowners and safeguarding the agricultural and environmental future of NSW communities.
Steve has extensive experience in a range of senior leadership roles across the government sector, including setting up and running the corporate services functions for the Department, economic recovery efforts for regional NSW communities following natural disaster events, and regional coordination in the Department of Premier and Cabinet.
Based in Berry in South Coast NSW, Steve holds a Master of Business Administration from Deakin University, a Bachelor of Applied Science with Honours from the University of Western Sydney and is a graduate of the Australian Institute of Company Directors.
Modernising the Regional Development Act 2004
The Regional Development Act 2004 exists to provide a framework to guide government action and improve outcomes for regional NSW. It has not been reviewed in more than a decade and needs to be modernised to ensure it can meet the changing needs of regional communities.
Reviewing the Regional Development Act 2004 is part of the NSW Government’s plan to ensure transparency and accountability in how public funds are invested to deliver better outcomes in regional and rural communities.
Frequently asked questions - The Regional Development Act 2004
Since the Regional Development Act 2004 was first introduced nearly 20 years ago, rural and regional communities have changed significantly. Key changes include:
- Relocation of families and young people from metropolitan centres such as Sydney and Melbourne to regional centres including Coffs Harbour, Dubbo, Tamworth and Wagga Wagga
- A change in work arrangements has resulted in patterns that have encouraged a shift in professional services and regional communities
- Continued growth in advanced manufacturing and renewable energy
- Challenges in ensuring essential services like health and education, and provision for housing and infrastructure, keep pace with community demands and expectations.
Updating the Regional Development Act 2004 will create a sound legislative foundation for strategic investment and help government respond to the needs of regional NSW communities.
The Regional Development Act 2004 includes key elements for investment in regional and rural communities including:
Objects:
- outlines the Objects of the Act
Financial Assistance:
- enables the Minister to grant financial assistance to persons, industries or businesses,
- establishes a framework and conditions for assessing whether financial assistance may be granted to individuals, industry or business,
- enables financial assistance to be a rebate on payroll tax, and
- allows the Minister the power to require a person to repay financial assistance.
Regional Development Trust Fund:
- establishes the Regional Development Trust Fund including how money is to be invested in and paid out of the Trust Fund
Regional Development Advisory Council:
- enables the Minister to establish a Regional Development Advisory Council (the Council) and the functions of the Council.
The NSW Government has sought input from rural and regional communities on proposed reforms including:
- amending the objects to include additional matters such as (but not limited to) ecologically sustainable development, equal access to essential services, and support for the diversification, adaptation and resilience of regional economies
- modernising the governance of the Regional Advisory Council to ensure it represents contemporary regional communities and can work effectively with Aboriginal communities, non-government organisations and industry
- improving the prudential arrangements of the Regional Development Trust Fund with a focus on transparency, accountability and improved outcomes
- enabling the private sector, other jurisdictions and philanthropic investment into the Regional Development Trust Fund
- establishing a transparent and robust reporting framework to ensure decision-making is evidence-based and data-informed to track the effectiveness of policies and programs in rural and regional communities.
Public consultation on the Regional Development Act 2004 closed on 31 January 2024. The government will consider feedback received during the consultation process and recommendations provided by the Regional Development Advisory Council on potential changes to the Act.