Government announces $32m in funding to stimulate the defence innovation sector

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Image credit: www.defence.gov.au

The Federal Government has announced a further $32 million through the Defence Innovation Hub to support defence industry innovation over the next two years.

Part of the Government’s Defence COVID-19 investment initiatives, the move is aimed at increasing cash flow to Australian small and medium-sized businesses that are developing innovations with the potential to enhance Defence capability.

Defence Minister Linda Reynolds CSC said the funding will allow innovative Australian SMEs to develop technologies for high priority Defence capabilities.

“COVID-19 has presented our defence industrial base with unprecedented challenges,” Minister Reynolds said.

“Australian small businesses are a critical part of this sector and we are expanding the funding available to help them develop their technologies and grow their businesses.

‘The 2020 Force Structure Plan is strengthening the link between the Defence Industry Capability Plan and industry policy initiatives, bringing together industry, Defence and technical experts to support the development of innovative ideas and shape future capability.”

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Defence Industry Melissa Price noted that the Defence Innovation Hub has awarded more than $265 million in innovation contracts since 2016, creating more than 600 jobs for the economy.

“This additional funding will support further jobs growth in the sector at a critical time for the nation and our economy,” Minister Price said.

“It will strengthen the ability of our local defence industry to continue developing cutting-edge technologies as they navigate the challenges posed by the COVID-19 pandemic.

“It is further evidence of the Morrison Government’s commitment to growing our sovereign capability.”

To explore Defence’s innovation priorities and submit proposals visit www.innovation.hub.defence.gov.au

Image credit: www.defence.gov.au
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