Minister for Industry, Innovation and Science Arthur Sinodinos has released the program guidelines for the new $47.5 million Advanced Manufacturing Growth Fund.
The Advanced Manufacturing Growth Fund is a key element of the Federal Government’s $100 million Advanced Manufacturing Fund along with the $20 million for CRC Projects initiative which opened for applications earlier this week.
According to the Minister, the Fund will provide grants to small and medium enterprises for up to one third of eligible project costs to establish and expand advanced manufacturing activities in Victoria and South Australia.
“The Advanced Manufacturing Growth Fund reflects the Government’s commitment to transitioning the manufacturing sector to globally focused, high skill, advanced manufacturing.” the Minister said.
“Manufacturing continues to be a major part of our economy, but the sector needs to continue its transformation by investing in advanced technologies, design and engineering excellence, and innovative business processes.”
Mr Sinodinos said the Fund will help Australia’s manufacturing sector to transition from traditional, heavy industrial processes to knowledge-based manufacturing of higher value products in order to capture new market opportunities.
“The Advanced Manufacturing Growth Fund will encourage increased investment in advanced manufacturing activities in Victoria and South Australia, where car manufacturing will end later this year,” the Minister added.
“This adds to the existing $155 million Growth Fund that is already helping the affected regions deal with the impacts of the automotive manufacturing closures.”
The program, which is open formally for applications from 7 July to 14 August, will award individual grants of between $500,000 and $2.5 million.