“Supporting these businesses transition and expand into advanced manufacturing activities will boost innovation, skills and employment opportunities for Australians.”
Australian Acting Minister for Industry, Innovation and Science, Senator the Hon Michaelia Cash, announced the first round of funding under the AU$47.5 million Advanced Manufacturing Growth Fund, which is supporting investment in advanced manufacturing projects in the states of South Australia and Victoria.
Twenty companies, fifteen from Victoria and five from South Australia, are the first recipients of funding under the initiative and will share in AU$29.96 million in financial assistance to establish and expand advanced manufacturing activities in the two states.
The Government is directly supporting regions affected by closures of automotive manufacturing plants, with eleven of the companies receiving grants located within the traditional automotive manufacturing corridors of each state. The program supports capital projects by small and medium enterprises (SMEs) that expand and establish advanced manufacturing using advanced technologies, design and engineering excellence and innovative business processes.
The Advanced Manufacturing Growth Fund is part of the AU$100 million Advanced Manufacturing Fund, announced in the 2017-18 Budget. This builds on the Turnbull Government’s AU$155 million Growth Fund, established to help industry adjust to the wind-down of car manufacturing in Victoria and South Australia.
Examples of some of the successful funding recipients include:
Approximately AU$15.3 million will be available for a further round of the program to be opened later this year.
“Supporting these businesses transition and expand into advanced manufacturing activities will boost innovation, skills and employment opportunities for Australians. This injection of funds will help transition Australia’s manufacturing sector from traditional, heavy industrial processes to knowledge based manufacturing of higher value products,” Minister Cash said.
Featured image: Phasmatisnox/ CC BY 3.0
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