Victorian manufacturers are being encouraged to invest in new technology that will increase productivity and competitiveness with a new $24.8 million program officially launched today by the Minister for Manufacturing, Exports and Trade, Richard Dalla-Riva.
Speaking at Kraft Foods Australia in Port Melbourne, Mr Dalla-Riva said the Investing in Manufacturing Technology (IMT) program would provide grants of up to $250,000 to support Victorian manufacturers in adopting leap-ahead technologies.
“I am very pleased to be here today, at Kraft Foods, an iconic food manufacturing company and a major employer in the manufacturing sector. Kraft is a great example of how diversifying products to meet changing market trends and the adoption of new technology, can deliver a stronger and more successful business model. The IMT program is a key part of the Coalition Government’s $58 million manufacturing industry assistance package, announced in the 2012-13 Budget,” Mr Dalla-Riva said.
Applications for IMT Round One are open from 18 June 2012 to 20 July 2012. Total funding of up to $3 million will be made available in this round.
“The Coalition Government recognises that there are challenges in manufacturing including the high Australian dollar and the higher energy costs under the proposed carbon tax, but is committed to ensuring any financial assistance to manufacturers is based on an increase in productivity, diversification of products, or investments that will enable companies to compete in international markets.”
“There is great resilience in the Victorian manufacturing sector, and I was pleased to see manufacturing jobs in Victoria rose for the second consecutive quarter, reported on Thursday with the release of the Australian Bureau of Statistics labour force data.” Mr Dalla-Riva said.
Grants will be awarded on a competitive basis, with a minimum co-contribution from the business of $3 for every $1 of government support.
An outline of the program, key dates, application process, eligibility criteria, assessment process and reporting requirements can be found at www.business.vic.gov.au/imt or call Business Victoria on 13 22 15.