The old manufacturing industry may be dying, but businesses have a chance to modernise practices with a $160 million fund.
The Manufacturing Modernisation Fund will give small and medium businesses an opportunity to invest in new technologies.
The Member for Barker, Tony Pasin, said a key part of the Federal Government’s economic plan is to strengthen core and emerging manufacturing industries.
“Our Government is helping manufacturing businesses innovate and develop their global competitive advantage,” Mr Pasin said.
“Investing in technology can transform businesses, enabling them to become more productive, manufacture new products and create new jobs.
“From Forestry products, diary, meat, fruit and veg, Barker is bursting with opportunity to unlock more employment opportunities by investing in new technologies for processing and manufacturing.
“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 people. It will also support businesses to upskill workers to maximise the benefits of technology.”
The Manufacturing Modernisation Fund 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.
- $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.
The 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.
For more information on the Manufacturing Modernisation Fund visit www.business.gov.au/MMF
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