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PM announces $1.5bn strategy to prop up manufacturing

Adrian Flores
Adrian Flores
05 October 2020 1 minute readShare
Scott Morrison

Prime Minister Scott Morrison announced $1.5 billion in new funding will be invested over the next four years to make Australian manufacturers more competitive through the economic recovery from COVID-19.

The main element of the $1.5 billion Modern Manufacturing Strategy is the $1.3 billion Modern Manufacturing Initiative, which will support projects within six National Manufacturing Priorities which reflect Australia’s established competitive advantages or emerging areas of priority, including:

  • Resources technology and critical minerals processing
  • Food and beverage
  • Medical products
  • Recycling and clean energy
  • Defence
  • Space

Under the strategy, industries will be engaged to co-design tailored roadmaps for each of the priority sectors to set clear goals over the next two, five and 10 years, and identify the barriers and opportunities that will guide action and investment.

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The strategy will also address the competitiveness of individual manufacturers in priority sectors through an extra $52.8 million into the Manufacturing Modernisation Fund.

Further, an extra $107.2 million would support projects that address an identified supply chain vulnerability through the government’s Supply Chain Resilience Initiative.

 

Mr Morrison said the strategy is part of the federal government’s JobMaker plan.

“It starts with creating a stable and competitive business environment to grow all parts of our manufacturing sector, but it does not end there,” he said.

“It will play to Australia’s strengths, improve collaboration and commercialisation, and create a sector that is modern, dynamic and highly skilled.

“Through this strategy, we are determined to ensure government, industry and the research and education sectors are all working in the one direction to build scale in our manufacturing sector.

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“Manufacturing is critical to Australia’s economic future, to the prosperity of our regions and to the capabilities that underpin the success of so many other industries.”

PM announces $1.5bn strategy to prop up manufacturing
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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