Tasmania announces more funding grants for advanced manufacturing sector

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Image credit: minister.industry.gov.au

The Tasmanian government has launched the third round of its $3 million Tasmanian Advanced Manufacturing Accelerating Growth Grant Program. 

The initiative is aimed at helping companies in the state to become more competitive, resilient, and capable of scaling up to compete in global markets. 

Under the program, Tasmanian manufacturing businesses can apply for grant funding amounting to $100,000 to help purchase equipment that would boost their market expansion efforts and create new jobs locally. 

In a press release issued by the state government, the latest round is expected to be highly competitive with the first two rounds’ success. 

The program previously saw a total of 20 successful applicants sharing more than $1.5 million for projects that are expected to generate an estimated investment of $7.5 million. It has also created nearly 100 new jobs in the industry. 

Applicants must have solid plans to invest in plant and equipment that will be used in the manufacturing process and increase production to capacity to boost sales opportunities both interstate and internationally. 

The state has also expanded eligibility for the program, with funding now available to advanced manufacturers with annual sales of between $300,000 and $50 million. 

The grants will offer up to 50 per cent contribution for the purchase of equipment while applicants have to shoulder at least half of the total project cost. 

The advanced manufacturing sector is critical for Tasmania, with annual revenue of $7 billion and more than 18,000 professionals employed locally. 

“The Tasmanian Liberal Government is proud to help deliver support to this key industry which strengthens job opportunities and our economy,” the government said in its media statement.