08 May 2017

$100 million Advanced Manufacturing Fund to drive innovation in Geelong and Corangamite regions

Sarah Henderson, Federal Member for Corangamite, says the Turnbull Government’s $100 million Advanced Manufacturing Fund will drive innovation in Australia’s manufacturing sector to create jobs, grow businesses, and improve productivity to ensure we are globally competitive.

“The $100 million Advanced Manufacturing Fund will help businesses transition to new markets as the sector shifts towards more high value manufacturing,” Ms Henderson said.

“This investment will help our manufacturing businesses create new opportunities, new highly skilled jobs and sell our products globally,” Ms Henderson said.

“We have many wonderful manufacturers in our region – from Viva Energy to Carbon Revolution to Chemring to Boundary Bend. I am confident our region will be a major beneficiary of this $100m investment.”

“The $47.5m fund for advanced manufacturing will assist business grow and invest, delivering more jobs.”

“With the Advanced Manufacturing Growth Centre based in Geelong, the support for small scale and pilot research projects presents some very important opportunities.”

“There are some 500 people employed at Ford’s Product Development Centre in North Geelong and at its Lara Proving Ground, designing and testing vehicles for the global Ford market.  The $13.5m tariff reduction should assist Ford and other auto global auto manufacturers in Geelong such as Carbon Revolution and Quickstep.”

This package reaffirms our government’s very strong commitment to manufacturing jobs.

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.  The funding is for up to a third of the project cost of capital upgrades to establish and expand high value manufacturing in South Australia and Victoria.
  • $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.
  • $10 million to establish Innovation Labs in South Australia and Victoria to serve industry in a variety of roles including test centre facilities and business capability development.
  • 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.
  • And a $13.5 million tariff reduction on imported vehicle prototypes and components used by Australian motor vehicle design and engineering services.

Minister for Industry, Innovation and Science Arthur Sinodinos said the Turnbull Government’s plan would play to Australia’s strengths – product innovation, process efficiency and strong after-sales support services – to differentiate Australia’s manufacturers from its competitors.

“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 market place,” Minister Sinodinos 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.”

8 May 2017