Federal Member for Pearce, Christian Porter, says the Liberal Government’s $100 million Advanced Manufacturing Fund will help businesses transition to new markets, create jobs, and grow and improve productivity to ensure Australia remains globally competitive.
The $100 million package includes:
$47.5 million for a new Advanced Manufacturing Growth Fund to make businesses more competitive through innovative processes and equipment.
$4 million for the Advanced Manufacturing Growth Centre to support small scale and pilot research projects in advanced manufacturing. This is good for small firms and early stage researchers because it helps them move quickly to larger scale research or commercialization.
$20 million for larger scale advanced manufacturing research projects under the Cooperative Research Centre – Projects initiative.
A $5 million investment in student research at universities, technology institutions and in industry to continue the flow of highly trained engineers to the automotive design and engineering sector.
A $13.5 million tariff reduction on imported vehicle prototypes and components used by Australian motor vehicle design and engineering services.
“Our measures are enabling Australian manufacturers to evolve to high value manufacturing based on smart means of production and higher value adding products will be able to participate fully in a competitive global marketplace,” Mr Porter said.
“These initiatives, along with the tax cut for around 3.2 million small and medium Australian businesses are helping our manufacturing sector to modernise their operations, create new opportunities and new jobs, and sell their smart, new products to the world.