Splashing tens of millions of dollars to divert billion-dollar businesses to Australia is the pay-off a state is gambling on to drive economic growth.
NSW Treasurer Daniel Mookhey says his third budget, to be delivered on Tuesday, declares the state is "open for business" to help expand its $900 billion economy.
"There is a global race for capital ... and we want NSW at the front of that race."
The state has a world-leading workforce and offered businesses stability and connection to global industries, Mr Mookhey told reporters on Monday.
"What we want to add now is the confidence for businesses to get on and make the big calls to sign off on the $1 billion-plus investments that drive growth," he said.
The 2025/26 NSW budget will allocate nearly $80 million to drive investment in innovative industries.
Housing affordability would remain a major issue but supporting business confidence was a major factor to boost jobs and wages and address unaffordability, Mr Mookhey said.
"We're pretty determined to get the balance right," he told AAP in the lead-up to the budget.
"There's a lot of opportunity and a lot of ambition in NSW, and the changes we're making are designed to hold on to what we love."
The government will duplicate efforts to speed up planning, with an Investment Delivery Authority to receive almost $18 million.
Similar to the Housing Delivery Authority which started in December, the four-person panel will override councils and accelerate planning approvals for businesses amid complaints making major investments in NSW is too complex and time-consuming.
Other funding announced on Monday includes $38.5 million for Australia's largest technology and innovation hub, Tech Central, and $20 million for emerging technology commercialisation to help boost growth in the housing and energy sectors.
In 2024, NSW accounted for 65 per cent of Australia's venture capital investment, and hosts five out of eight "unicorn" companies - privately-held start-ups valued at over $1 billion.
Major projects to be considered by the new panel may include hotels, data centres, renewable energy projects and commercial developments.
Too many major projects from the private sector were getting bogged down in red tape, Premier Chris Minns said.
"It's costing us high-paid, high-skilled jobs in our modern economy, and something has to change," he told reporters on Monday from data centre operator NextDC's facility in Sydney's north.
NextDC chief executive Craig Scroogie said the announcement would help the company move on its $15 billion investment pipeline.
"The planning system was never designed to move at the speed that technology is moving, let alone the speed that artificial intelligence is changing the way we live and work every day," he told reporters.
"This is a global opportunity for Australia to be a leader in artificial intelligence and large-scale infrastructure, and it needs modern planning systems to be deployed."
