Manufacturing is set to receive a boost in certain sectors and industries as part of the Australian Government’s recently released Modern Manufacturing Strategy.
Designed to support and drive ‘economic recovery and future resilience’ the Strategy aims to establish Australia as a nation capable of high-quality production underpinned by science and research.
Creating jobs and scaling-up to become more competitive internationally, are key elements of the strategy, as is the effective use of R&D to achieve applied industry outcomes.
The centrepiece of the Modern Manufacturing Strategy is the $1.3 billion Modern Manufacturing Initiative, which will see the Government strategically invest in projects that help manufacturers to scale up and create jobs.
The Modern Manufacturing Initiative will support projects within six National Priorities:
1. Resources technology and critical minerals processing
2. Food and beverage
3. Medical products
4. Recycling and clean energy
Roadmaps will be prepared for each of the priority industries in collaboration with industry.
The Strategy will also address the competitiveness of individual manufacturers in the priority sectors, with a $52.8 million expansion of the Manufacturing Modernisation Fund.
The Strategy is in part a response to the COVID-19 pandemic, and aims to provide a plan to better address identified supply chain weak-spots and vulnerabilities.
Creating internationally competitive manufacturing industries in Australia, necessarily requires attention to environmental management, as well as informed sustainability advice. There are significant opportunities across the six priorities when it comes to exploring commercially relevance sustainability outcomes.
If your business or association is looking to better understand the Modern Manufacturing Strategy and the associated support programs, please don’t hesitate to contact the Equilibrium team on BH (03) 9372 5356.
More details about the Strategy can be found here.
The Industry Minister’s media release can be found here.