Making Australian manufacturers more competitive and resilient…
The Morrison Government is launching a new era of Australian manufacturing, as part of its JobMaker Plan to rebuild the economy, create jobs and recover from the COVID-19 recession.
Prime Minister Scott Morrison said around $1.5 billion in new funding will be invested over the next four years in the Modern Manufacturing Strategy to make Australian manufacturers more competitive, resilient and able to scale-up to take on the world.
“We make things in Australia. We do it well. We need to keep making things in Australia. And with this strategy, we will,” Prime Minister Morrison said.
The centrepiece of the Strategy is the $1.3 billion Modern Manufacturing Initiative (MMI), which will see the Government strategically invest in projects that help manufacturers to scale up and create jobs.
The MMI will support projects within six National Manufacturing Priorities which reflect Australia’s established competitive advantages or emerging areas of priority:
- Resources technology and critical minerals processing
- Food and beverage
- Medical products
- Recycling and clean energy
Industry will be engaged to co-design tailored road maps 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.
The Strategy will also address the competitiveness of individual manufacturers in our priority sectors, with a $52.8 million expansion of the Manufacturing Modernisation Fund.
A $107.2 million Supply Chain Resilience Initiative will support projects that address an identified supply chain vulnerability.