The Government has announced its new Manufacturing Modernisation Fund, designed to help SME scale manufacturers become more competitive by cofunding investments in new technologies.
Launching the fund, which aims to inject $160 million into manufacturing industry, Minister for Industry, Science and Technology Karen Andrews said: “Strengthening our core and emerging manufacturing industries is a key part of the Government’s economic plan to create 1.25 million new jobs over the next five years.
“Investing in technology can transform businesses, enabling them to become more productive, manufacture new products and create new jobs.
“The fund will provide grants to small and medium manufacturing businesses so they can invest in capital equipment and new technologies to modernise and employ more Australians. It will also support businesses to upskill workers to maximise the benefits of technology.”
The Government has pledged $50 million to the Manufacturing Modernisation Fund to be matched by at least $110 million from industry.
There will be two sizes of grants under the scheme.
$20 million has been allocated for matched grants of between $50,000 and $100,000 for smaller scale technology investments.
A further $30 million is reserved for larger-scale grants of up to $1 million. However, these funds will only be awarded on a three to one funding basis with industry, to support transformative investments in technologies and processes.