We will support the growth of South Australia’s local funds management industry to create jobs by implementing a range of measures including:
We will require most fund managers contracted by Funds SA to maintain a substantive local presence in South Australia, incentivising fund managers to employ locally, creating the jobs needed to attract and retain talented people in South Australia.
This will create more work in areas such as finance, law, insurance, actuaries, computer and data science – knowledge-intensive industries which are predicted to grow significantly in the coming decades.
We will also work with the private and university sectors to grow the number of post-graduate research opportunities in finance and related sectors by investing in research projects exploring new innovations, products or problems in the finance and fintech sectors.
Up to five $50,000 scholarships will be funded from the Premier’s Research and Industry Fund, with co-investment to be sought from industry to create additional opportunities.
The funds held by Funds SA need to be managed carefully to protect the interests of South Australians while growing prosperity.
In addition to these primary objectives, opportunities exist to leverage other benefits from the management of these funds in terms of local employment and investment opportunities.
There are more than 7,000 South Australians currently employed in the finance sector locally, with Adelaide’s universities producing well trained graduates in the finance, commerce and related fields.
These opportunities have been ignored for too long, resulting in many of our talented young people and investment dollars heading interstate or overseas.
That’s why we will position South Australia to take advantage of these opportunities by growing our domestic funds management industry to create high quality and high paying jobs.