Government launches fund to modernise manufacturing

Following the launch of a new $160 million fund, the Morrison government is backing small and medium-sized Australian manufacturers to invest in new technology, in order to grow and create new jobs. By co-funding investments in new technologies, the new Manufacturing Modernisation Fund strives to help manufacturers become more competitive.

Comprised of $50 million from the government and matched by at least $110 million from industry, the fund will offer two types of grants. $20 million will be allocated towards matched grants between $50,000 and $100,000 for smaller scale technology investments, while $30 million will go towards larger scale grants of up to $1 million, on a three to one funding basis with industry. The grants aim to support transformative investments in technologies and processes.

“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. This delivers on the Morrison Government’s commitment to help manufacturing businesses innovate and develop competitive advantage so they can thrive globally,” said Karen Andrews, Minister for Industry, Science and Technology.

By investing in technology, the Morrison government hopes to transform businesses, enabling them to become more productive through manufacturing new products and creating new jobs. Small and medium manufacturing businesses will receive grants from the fund, allowing them to invest in capital equipment and new technologies to modernise and employ more Australians. The fund will also support businesses to upskill workers to maximise the benefits of technology.

The fund enhances the government’s prior investments in manufacturing growth and competitiveness, such as the Advanced Manufacturing Fund, the Advanced Manufacturing Growth Centre, the Entrepreneur’s Program and the Innovative Manufacturing Cooperative Research Centre.

Image credit: ©stock.adobe.com/au/Olivier Le Moal