NSW budget: 10 key cuts and funding announcements for small business

NSW Treasurer Daniel Mookhey handed down the 2023-2024 state budget on Tuesday, presenting a significant shake-up to a $700 million innovation fund established by his predecessors while taking the razor to the state’s tourism promotion department and EV incentives.

Here’s a quick rundown of the measures included in the document.

Winding down $703 million Future Economy Fund

The Future Economy Fund, which received a $703.4 million commitment in the Perrottet government’s 2022-23 state budget, will endure a “reprofiling”, according to the budget documents.

The fund, which former Treasurer Matt Kean said was “aimed at the full life cycle of innovative, high-growth business in priority sectors and drive productivity in emerging high-value industries”, will now undergo “reprioritisatation”.