Next step in increasing capacity of Tasmanian Development Board

Increasing the co-investment capability of the Tasmanian Development Board is one step closer after an amendment bill passed Parliament’s House of Assembly. 

Premier Jeremy Rockliff said the Tasmanian Development Amendment Bill 2024 is an important step, as part of our 2030 Strong Plan for Tasmania’s Future, to increase the cap on co-investment for strategic projects.

“The Tasmanian Development Board (TDR) will play an increasingly important role in Tasmania’s economic development as we continue to face national and international economic headwinds,” Premier Rockliff said. 

“The amendment Bill enables co-investment of projects of up to $35 million, significantly increasing the value of projects that can be supported by the development board.

“These simple amendments will give TDR the flexibility it needs to promote further investment in Tasmania, supporting our economy and creating jobs. 

“It will also empower the TDR to be more efficient in its day-to-day functions while still ensuring the relevant Minister maintains full responsibility for key decisions.”

Tasmanian Chamber of Commerce and Industry CEO Michael Bailey said this was an important common sense change to the TDR’s co-investment ability that will support economic growth. 

“We know businesses are facing a number of challenges due to national and international economic pressures, so I applaud the Government for taking this decisive action to help stimulate the economy and create jobs in Tasmania,” Mr Bailey said. 

The Tasmanian Government is taking action on the issues affecting Tasmanians right now. 

“This legislation is another step forward to provide the necessary action to support investment and growth in Tasmania, building a stronger economy, with resilient communities, that benefits all Tasmanians,” Premier Rockliff said. 

“It also sends a strong message that Tasmania is open for business.”