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Government announces $1.3bn boost to high-value manufacturing

Adrian Flores
Adrian Flores
23 February 2021 1 minute readShare
high-value manufacturing

The federal government has opened its $1.3 billion Modern Manufacturing Initiative to businesses to its first sector as it seeks to ramp up its high-value manufacturing credentials.

Businesses with projects in the space sector are the first to be able to apply for grants to help them commercialise ideas or processes, or integrate into global supply chains.

Space is one of six National Manufacturing Priorities, with the remaining road maps to be released in the coming weeks to coincide with the opening of their respective MMI funding rounds.

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To guide the types of projects the government will back in space manufacturing under the MMI, an industry-led road map has also today been released.

The government said it will soon release road maps for sectors including resources technology and critical minerals processing, food and beverage, medical products, recycling and clean energy, and defence.

 

The road maps will set out a 10-year vision for each of the National Manufacturing Priorities and form part of the Modern Manufacturing Strategy.

Minister for Industry, Science and Technology Karen Andrews said the MMI will build on the billions of dollars in investment to get the economic conditions right and create meaningful, long-term change for Australian manufacturing.

“This matched government funding is designed to support our manufacturers to become competitive, resilient and scale up to take on the world, which will in turn create jobs for Australians — both now and for generations to come,” Ms Andrews said.

“Funding from the MMI will help boost investment in the growth of the manufacturing sector, enhance Australia’s reputation, open up new markets, create new skilled jobs and increase exports.

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“This road map sets out our vision for manufacturing investment in the sector, which will complement the excellent work already being done by the Australian Space Agency to grow the economy and create jobs.”

Ms Andrews said industry has been the key driver of these manufacturing road maps, while the CSIRO, Industry Innovation and Science Australia and other relevant portfolios have also provided valuable insight that will result in more jobs from the strategy.

“These road maps will continue to be built on over time to inform the long-term strategy and ensure we’re capturing new opportunities to grow these priority sectors and create jobs,” she said.

Initial applications will be limited to the Translation and Integration streams of the MMI, with expressions of interest for the larger Collaboration stream to open in the coming months.

To read more about the Modern Manufacturing Initiative, click here.

Government announces $1.3bn boost to high-value 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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