Industry & Investment New South Wales
Industry & Investment New South Wales was founded in July 2009 and is part of the Government of New South Wales. It was renamed the Department of Trade and Investment, Regional Infrastructure and Services following the New South Wales election in March 2011, and is known as NSW Trade & Investment.
Ironically, I&I's task is to attract industry and investment thus creating jobs in the state of NSW. At the same time as I&I are spending significant sums to do this, their equivalents at OSR NSW (Office of State Revenue) are removing jobs by retrospective grouping actions (500 a year) that force businesses to layoff staff due to huge tax penalties. It is estimated that over 3000 jobs a year are lost in these actions. One option for I&I would be to use some of their budget of $281M / year, approach OSR's retrospectively group entities and offer to pay their tax penalties. This would likely be a much smaller expense to the state than spending to gain an extra 3000 new jobs each year.