An amendment bill that increases the co-investment capability of the Tasmanian Development Board has passed the Parliament.
Premier Jeremy Rockliff said the Government had delivered on its commitment under the 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 up to $35 million, significantly increasing the value of projects that can be supported by the development board.
"These amendments will give TDR the flexibility it needs to promote further investment in Tasmania, supporting our economy and creating jobs, as well as building on Tasmania's reputation as a business-friendly environment.
"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 Hospitality Association chief executive officer Steve Old said the increased capacity of TDR will support businesses across the State.
"We welcome the Government's commitment to help drive economic growth and support job creation in the face of national and international economic pressures," Mr Old said.
"Initiatives like this create confidence within the business community, encouraging operators to invest."
The Government is taking action on the issues affecting Tasmanians right now.
"This increased capacity for TDR is another action we have taken 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."
