As we head towards the federal election, we anticipate seeing a lot more in the competitive grants landscape with major announcements — one of the grants that is receiving current attention is the Manufacturing Modernisation Fund which has since concluded its successful second round of funding.
The $50 million Manufacturing Modernisation Fund is an opportunity for SME manufacturing businesses to receive funding from $100,000 up to $1 million for up to 25 per cent of their project costs. This will focus on improving the level of technology that is used by manufacturers in Australia in six priority sectors:
- Resources Technology & Critical Minerals Processing
- Food & Beverage
- Medical Products
- Recycling & Clean Energy
- Defence
- Space
Josh Frydenberg, Treasurer mentioned that SMEs are the backbone of the Australian economy by providing jobs to thousands of Australians.
“That’s why the Morrison government continues to support them in the manufacturing sector, helping secure our economic recovery and build a stronger future.” said Frydenberg.
Australia has shown success in the field of manufacturing by pioneering advanced technological products such as the cochlear implant, black box flight recorder, as well as leading the development of the world’s most advanced low-powered satellite network. Despite these achievements, Australia has not been considered internationally as having a diverse and advanced manufacturing sector in comparison to other competing countries.
Manufacturing contributes more than $115 billion to Australia’s economy and added 17,000 new jobs in the past year. Mr. Frydenberg said the government’s manufacturing strategy had proved remarkably successful. “Manufacturers have shown they are keen to invest — every $1 in funding has leveraged more than $2.20 of private sector investment.” Frydenberg said. “Australians know the Morrison government had their back during Covid-19 and they know we will continue to have their back as the economy recovers from this once-in-a-century pandemic.”
Industry Minister Angus Tayker said the previous two rounds of grants under the strategy had seen about $10m handed to industries that were essential drivers of skills, jobs, and capability.
“The future of Australian manufacturing requires businesses to embrace advanced technologies to move up the value chain and develop high-value-added products and services for the domestic and global market.” He said.
This fund was extremely popular in the last round so talk to an Avant Group Advisor today to assess eligibility and register your interest early.