Govt opens $11m fund for greater Tasmania investment

Minister for Industry Ian Macfarlane said an $11 million Innovation and Investment Fund for Tasmania was now open for applications from local businesses with projects to diversify the economy.

"This fund is an important part of a regional economic diversification package for Tasmania and will support local businesses to deliver long-term sustainable industry opportunities, help diversify Tasmania's economy and create new jobs," Macfarlane said.

"The fund forms part of a $106 million Australian Government package aimed at stimulating economic growth and new jobs in Tasmania, in addition to other initiatives under the Government's Economic Growth Plan for Tasmania.

Working with local community

"The Australian Government is working with the local community to help strengthen industries across Tasmania to become more competitive by investing in technology, modernisation and business capacity building.

"This is part of the Australian Government's broader policy approach to help build Australian industry to take advantage of new opportunities for growth, productivity gains and new jobs.

"The fund will stimulate real action to build a strong and prosperous Tasmania by making a difference in terms of growth, jobs and raising living standards.

Value for money

"Applications will be assessed to ensure they represent value for money."

Grants, from a minimum of $50,000, will be awarded through a competitive, merit-based process to ensure that funded projects are commercially robust.

Applications will be assessed by a panel including an Australian Government representative and two other people with relevant Tasmanian business experience.

"The Government recognises the importance of reinvigorating the Tasmanian economy and identifying new opportunities.  The Government is determined to create the right environment to facilitate new investment.  We've scrapped the carbon tax and we are getting rid of red tape and other disincentives for investment," Macfarlane said.

"The Australian Government will continue to work with local businesses and the Tasmanian Government on a long-term strategy to build the economy and generate new jobs."

The Australian Government is delivering on its election commitment for an economic package for Tasmania, with a range of initiatives to support a strong and prosperous local economy including $38 million to expand Hobart International Airport, $24 million to establish a new Centre for Antarctic and Southern Ocean research and $400 million to upgrade the Midland Highway.

Alongside this investment, the newly opened Tasmanian Major Projects Approval Agency is working as a one-stop-shop to assist investors on projects worth more than $50 million.

The $11 million Innovation and Investment Fund will be delivered in Tasmania by AusIndustry and will continue until the 2016-17 financial year. Applications close on 1 October 2014.