The New South Wales government has unveiled a new Investment Delivery Authority as part of its 2025-26 Budget, allocating nearly $80 million for innovation funding.

This funding package is designed to support startups and emerging technologies, aligning with the authority's objectives to fast-track major projects.

Treasurer Daniel Mookhey highlighted that the authority aims to eliminate bottlenecks in the project approval process, thereby enhancing productivity and investment conditions.

Premier Chris Minns emphasized the initiative's goal to reduce bureaucratic red tape, positioning NSW as 'open for business' and fostering a more conducive environment for private sector projects.

This new authority is designed to address concerns from the business community regarding lengthy approval processes, facilitating access to essential utilities and development permits.

Key officials from various government sectors will lead the authority and provide recommendations to relevant ministers, ensuring a coordinated approach to project approvals.

Notably, in 2024, NSW accounted for 65% of Australia's venture capital investment and is home to five out of eight 'unicorn' companies valued at over $1 billion.

Industry and Trade Minister Anoulack Chanthivong noted that the funding is intended to nurture future tech leaders, similar to successful Australian companies like Afterpay and Atlassian.

The Investment Delivery Authority will manage around 30 large-scale projects annually, receiving $17.7 million to streamline approval processes and potentially unlock up to $50 billion in investment each year.

Additional funding initiatives include $20 million for emerging technology commercialization, $6 million for the Minimum Viable Products Ventures program, and support for female founders and tech leaders in regional areas.

A significant portion of the innovation funding, $38.5 million, is allocated to Tech Central, Australia's largest technology and innovation hub, which is part of the state's broader Innovation Blueprint.

Industry leaders have praised these measures as essential for streamlining approvals and enhancing NSW's capacity to develop necessary digital infrastructure, particularly in AI.