The Federal Government has released the program guidelines for the new $47.5m Advanced Manufacturing Growth Fund.
The Advanced Manufacturing Growth Fund is a part of the Government’s plan to help Australia’s manufacturing sector transitioning to globally focused, high-skill, advanced manufacturing. It is designed to encourage increased investment in advanced manufacturing activities in Victoria and South Australia, where car manufacturing will end later this year. This complements an existing $155m Growth Fund that is already helping the affected regions deal with the impacts of the automotive manufacturing closures.
“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,” said Minister for Industry, Innovation and Science, Arthur Sinodinos. “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 provide grants to small and medium enterprises (SMEs) 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 $2.5m. To qualify, you must be an SME with up to 199 full-time equivalent employees, be an entity incorporated in Australia, and have an Australian Business Number (ABN).
The program supports capital projects by small and medium enterprises that expand and establish advanced manufacturing using advanced technologies, design and engineering excellence, and innovative business processes, in order to improve the overall efficiency and competitiveness of firms and the broader economy. The program aims to increase investment in advanced manufacturing activities in Victoria and SA, and help transition Australia’s manufacturing sector from traditional, heavy industrial processes to knowledge-based manufacturing of higher value products.
The $47.5m fund for businesses to make new investments in advanced manufacturing and the $20m for CRC Projects into advanced manufacturing research, which opened for applications on 3 July, are two key elements of the Government’s $100m Advanced Manufacturing Fund.
The program is open formally for applications from 7 July to 14 August.
www.business.gov.au/assistance/advanced-manufacturing-growth-fund