Australian manufacturers now have the opportunity to apply for an $800 million share in funding for major projects under the ‘Collaboration Stream’ of the Federal Government’s Modern Manufacturing Initiative, according to a Business News Australia report.
Those that are eligible can now apply for funding between $20 million and $200 million, with the funds expected to cover up to 33 per cent of project expenditure.
Six manufacturing priority fields are being targeted by the Federal Government including: medical products; clean energy and recycling; food and beverage; defence; space and resource technology, as well as critical minerals processing, according to the report.
Industry, Science and Technology Minister, Christian Porter said the Government plans, “to harness Australia’s manufacturing capability to drive job creation and spur private investment, especially as we chart our economic recovery from COVID-19 and build our future resilience.”
“Through the Collaboration Stream, we are determined to co-invest in industry-led proposals that will transform our National Manufacturing Priority areas, by encouraging manufacturers to move up the value chain to higher value, higher margin activities, including drawing on our world class research.”
“This is at the heart of our $1.5 billion Modern Manufacturing Strategy which is all designed to support Australian manufacturers to scale-up, build resilience, become more competitive and create the jobs we need not only now but for generations to come,” he said in the report.
More details are accessible at www.business.gov.au/mmic with applications now available until September 9, 2021.