The federal government has outlined plans for a new multimillion dollar fund designed to support Australian manufacturing businesses, should it be re-elected this month.
Prime Minister Scott Morrison unveiled plans for a new Manufacturing Modernisation Fund should the government win the 18 May election, saying that the fund would help create jobs and assist local manufacturers with the uptake of new technologies.
On his official Twitter account on Monday (6 May), Mr Morrison said this new fund “will stimulate at least $160 million worth of business investment in new technologies and processes”.
It is understood that the fund would begin with an initial cash injection of $50 million.
As part of the announcement, the Prime Minister also said that the Australian Made Campaign Ltd would be given an additional $5 million in funding.
“We’re backing Australia’s manufacturing sector to expand and create more jobs with $5 million to re-invigorate and promote the ‘Australian Made’ logo in our key export markets,” Mr Morrison tweeted.
The campaign said the funds would “support Australian manufacturers here and abroad”, and would go towards promoting the Australian Made, Australian Grown logo in key strategic export markers, as well as establishing trademarks in the UK, Canada and European Union.
“It’s really encouraging to see this level of commitment to Australian manufacturers,” said Australian Made chief executive Ben Lazzaro.
“It’s important that we foster a manufacturing environment that encourages and assists manufacturers to innovate and build on their success, as well as providing pathways to new markets. The end result being a healthy manufacturing sector, job creation and better access to markets.”
Mr Lazzaro added that the famed green and kangaroo “has a proven 33-year track record in making the ‘Australia connection’”.
“While much work has been done in extending the reach of the AMAG logo domestically and into Asia, with the government’s support, AMCL will be able to further strengthen Australia’s reputation for high-quality, clean, green products further afield,” he said.
The logo is already a registered trademark in the US, China, South Korea, Singapore and India, with legal proceedings underway in a further seven other Asian countries: Hong Kong, Indonesia, Japan, Malaysia, Taiwan, Thailand and Vietnam.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
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