The Federal Government has launched a new $160 million fund aimed at backing small and medium sized Australian manufacturers to invest in new technology, grow and create new jobs.
The Manufacturing Modernisation Fund builds on other Government investments in manufacturing growth and competitiveness, including the $100 million Advanced Manufacturing Fund, the Advanced Manufacturing Growth Centre, the Entrepreneurs’ Programme, and the $40 million Innovative Manufacturing Cooperative Research Centre.
It will include $50 million from the Government and will be matched by at least $110 million from industry.
The fund will have two types of grants: $20 million will be for matched grants of between $50,000 and $100,000 for smaller scale technology investments; and $30 million for larger-scale grants of up to $1 million, on a three to one funding basis with industry, to support transformative investments in technologies and processes.
Minister for Industry, Science and Technology Karen Andrews said the Fund would help manufacturers become more competitive by co?funding investments in new technologies.
“Strengthening our core and emerging manufacturing industries is a key part of the Government’s economic plan to create 1.25 million new jobs over the next five years,” Minister Andrews said.
“This delivers on the Morrison Government’s commitment to help manufacturing businesses innovate and develop competitive advantage so they can thrive globally.
“Investing in technology can transform businesses, enabling them to become more productive, manufacture new products and create new jobs.
“The fund will provide grants to small and medium manufacturing businesses so they can invest in capital equipment and new technologies to modernise and employ more Australians. It will also support businesses to upskill workers to maximise the benefits of technology.”