The Australian Government’s new Automotive Transformation Scheme will ensure Australian manufacturers power ahead in the global marketplace, says Innovation and Industry Minister Senator Kim Carr.
The $3.4 billion scheme is the centrepiece of the Australian Government’s A New Car Plan for a Greener Future.
From January 1 this year the new scheme allows innovative Australian businesses to develop the next generation of automotive technologies.
Senator Kim Carr said it would equip one of Australia’s most important industries to compete for decades to come.
“The auto industry provides high-wage, high-skill jobs to almost 60,000 Australians. It is a critical part of our broad-based national economy,” Senator Carr said.
Throughout the global economic crisis, the Australian industry outperformed competitors across the OECD – sustaining vehicle production worth $5.7 billion in 2009. Australia is today one of a small handful of nations with the full capabilities to take a car from drawing-board to show-room floor.
“Now is the time to capitalise on those capabilities,” Senator Carr said. “The Automotive Transformation Scheme will help vehicle and component makers get cleaner and greener products to market.”
Assistance is capped at $1.5 billion for Stage 1 (2011 to 2015) and $1 billion for Stage 2 (2016 to 2020), complemented by an estimated $847 million in uncapped assistance for the production of vehicles from 2011 to 2017.
The scheme is governed by rigorous conditions and reporting requirements to ensure taxpayers receive value for money, Senator Carr said.
For more information visit: www.innovation.gov.au.