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The Government of Western Australia is taking steps to promote the growth of small to medium-sized local businesses by offering grants totalling over AU$3 million. These grants are intended to enhance their capabilities and competitiveness, enabling them to pursue contracts from both the government and private sector.
Known as the Local Capability Fund (LCF), this initiative serves as a crucial resource for recipients looking to expand their capacity and improve their competitiveness in supplying goods, services, and works to the government, major projects, and other significant markets.
For the upcoming fiscal year of 2023-2024, the government has announced four new LCF rounds, collectively amounting to AU$2.2 million in funding, with individual grants of up to AU$50,000. These four rounds are designed to cater to specific needs and priorities:
- Supplying Key Projects Round: This round aims to support businesses across the state in supplying essential goods and services to key government and private sector projects within priority sector markets.
- Aboriginal Business Round: This round is dedicated to businesses with a majority Aboriginal ownership. It seeks to assist these enterprises in supplying goods, services, and works to both the government and the private sector.
- National and International Standards Compliance Round: To ensure businesses adhere to the highest industry standards, this round provides financial assistance for engaging external experts to implement and obtain third-party certification for seven specific national and international standards.
- Digital Transformation Round (Upcoming): Soon, the LCF will introduce a Digital Transformation Round to provide initial support to eligible businesses in adopting and leveraging digital technologies and data. This round aims to advance the government’s understanding of digital needs in the business landscape.
Additionally, nine regional LCF rounds will be launched progressively throughout 2023-24, totalling AU$900,000 in funding with grants of up to AU$20,000. These rounds will specifically cater to businesses in regional areas, aiming to help them enhance their services and competitiveness.
Since its inception, the LCF has been instrumental in providing funding to over 600 businesses, totalling AU$22.7 million. This financial support has played a pivotal role in these businesses securing contract awards exceeding AU$1.05 billion. Beyond financial benefits, the LCF has contributed to creating more than 2,000 employment opportunities and nearly 250 apprenticeships.
The Minister Assisting the Minister for State and Industry Development, Jobs, and Trade stated that the Local Capability Fund has served as a catalyst for numerous businesses, infusing tens of millions in funding to propel their expansion. This program has not only facilitated access to over 2,000 employment opportunities but has also supported the development of 250 apprenticeships.
The Government, through its representative, wholeheartedly encourages businesses to grasp this opportunity by submitting grant applications. This initiative will empower them in their pursuits to secure contracts from both government and private sector organisations.
In today’s fast-paced business landscape, technology plays an indispensable role in enhancing efficiency, competitiveness, and growth prospects for businesses of all sizes. The Cook Government recognises this and aims to empower local businesses through the Local Capability Fund, providing them with the financial means to embrace and leverage technology. This support is especially timely as the world becomes increasingly digital and data-driven.
The new Digital Transformation Round, set to be launched in the coming weeks, underscores the government’s commitment to assisting businesses in harnessing the power of digital technologies and data. In an era where businesses must adapt to technological advancements to remain relevant and competitive, this initiative is poised to make a significant impact.
With the Digital Transformation Round, eligible businesses will have access to vital resources and support to embark on their digital journey. This includes financial assistance, expertise, and guidance on adopting and utilising digital technologies effectively. Whether it’s transitioning to cloud-based operations, implementing data analytics, or enhancing online presence, this initiative aims to equip businesses with the tools they need to thrive in a digital age.
Beyond financial support, the Digital Transformation Round also aligns with the government’s broader mission of understanding the specific technological needs of businesses. By collecting insights and feedback from participating enterprises, the government can shape future policies and initiatives to better serve the evolving tech landscape.
OpenGov Asia previously reported that the Vietnam-Australia Digital Forum 2023, organised by Vietnam’s Ministry of Information and Communications (MIC), in collaboration with the Australian Trade and Investment Commission (Austrade) and the NSW Trade and Investment Department, reflects the global importance of digital collaboration. This event, held during Minister Nguyen Manh Hung’s visit to Australia, signifies the commitment of both nations to enhance cooperation in information and communication technology.
It is part of the MIC’s broader 2023 initiatives to facilitate Vietnam’s digital business community expansion globally, with similar programs underway in countries like the United States, Japan, and Europe. These efforts underline the growing significance of international partnerships in fostering innovation, knowledge sharing, and economic growth through technology.
