The program guidelines for the new $47.5 million Advanced Manufacturing Growth Fund have been recently released.
The Advanced Manufacturing Growth Fund reflects the Government’s commitment to transitioning the manufacturing sector to globally focused, high skill, advanced manufacturing.
Manufacturing continues to be a major part of our economy, but the sector needs to continue its transformation by investing in advanced technologies, design and engineering excellence, and innovative business processes.
The Government wants to see an Australian manufacturing sector that continues to transition from traditional, heavy industrial processes to knowledge-based manufacturing of higher value products, so it can capture new market opportunities.
The Advanced Manufacturing Growth Fund will encourage increased investment in advanced manufacturing activities in Victoria and South Australia, where car manufacturing will end later this year. This adds to the existing $155 million Growth Fund that is already helping the affected regions deal with the impacts of the automotive manufacturing closures.
The Advanced Manufacturing Growth Fund will provide grants to small and medium enterprises for up to one third of eligible project costs, to establish and expand advanced manufacturing activities in Victoria and South Australia. Individual grants will be between $500,000 and $2.5 million.
The program is open formally for applications from 7 July to 14 August.
The $47.5 million fund for businesses to make new investments in advanced manufacturing and the $20 million for CRC Projects into advanced manufacturing research, which opened for applications on 3 July 2017, are two key elements of the Government’s $100 million Advanced Manufacturing Fund.
