New fund to modernise manufacturing
Small and medium sized Australian manufacturers will benefit from government and industry investment in modernisation
The $160 million Manufacturing Modernisation Fund will help SME 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 for Industry, Science and Technology Karen Andrews said.
“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.”
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.