Expressions of interest now open for Victoria’s industry R&D fund

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The Victorian Government is seeking expressions of interest for the Made in Victoria – Industry R&D Infrastructure Fund worth $15 million to promote the expansion of Victoria’s capabilities across key industrial sectors.

The fund will offer matched grant financing of $250,000 up to $2 million to qualified Victorian enterprises to invest in new or improved R&D facilities, the government said in a news release. 

The funding will be available to enterprises that do R&D as part of their operations, including R&D service providers, and will support new infrastructure and sophisticated equipment such as measuring instruments, testing equipment, imaging and sensing technology, and clean room facilities.

The fund will also help accelerate initiatives in new energy, health technology, food manufacturing, military and aerospace, and advanced technology, all of which are the major industries mentioned in the Victorian Government’s Made in Victoria: 2030 Manufacturing Statement.

In particular, the 2030 Manufacturing Statement named new energy, health technology, food manufacturing, military and aerospace as major areas that the fund will aid in advancing.

By funding R&D infrastructure, this project also aims to enable high-quality cooperation and mutually beneficial research between industry, universities, and/or research providers and supply chains.

Interested applicants must demonstrate how the grant will promote increased corporate R&D spending.

Projects that receive funding will be expected to meet the program’s goals, the government said.

Expressions of Interest are due by 5 pm on Friday, 18 August 2023.

The Industry R&D Infrastructure Fund is available to enterprises that have identified critical R&D equipment or infrastructure that will assist their R&D operations and anchor their operation in Victoria.

Successful candidates will have 12 months to execute the project activities. 

On a case-by-case basis, the government said successful candidates may negotiate project schedules beyond 12 months.

The Australian Government’s R&D Tax Incentive (R&DTI) does not depend on the approval of funds and does not ensure that applicants will be eligible for the tax offset. 

The government’s R&DTI requires applicants to seek expert advice about the implications of grant funding for any future tax claims.