The Federal Government will soon open applications for round two of the integration and translation streams of the $1.3 billion modern manufacturing initiative (MMI) that will help manufacturers to grow and create new jobs.
Grants of between $1 million and $20 million will be on offer for businesses in resources technology and critical minerals processing, with a total of $280 million in funding on offer across the six national manufacturing priority areas.
Minister for Industry, Energy and Emissions Reduction Angus Taylor said the matched funding will help manufacturers break into new markets and translate great ideas into commercial outcomes.
“Our manufacturing sector is going from strength to strength, with more than a million Australians employed in manufacturing and strong confidence in the future of the sector,” he said.
“We know our manufacturers will lead the charge when it comes to our economic recovery from the pandemic – and that’s why we’re investing in them to help secure our future.”
The MMI is the centrepiece of the government’s $1.5 billion modern manufacturing strategy, designed to position Australia as a globally recognised, high-quality and sustainable manufacturing nation.
“Our Modern Manufacturing Initiative is already investing in phenomenal projects that will support businesses to scale up, introduce new products to market, strengthen our supply chains and create more local jobs,” Taylor said.
“This matched funding will help businesses turn innovative research and ideas into reality, as well as unlocking new opportunities and investment both here at home and for overseas export.”
Australia’s resource sector is a leading exporter of energy and resources commodities, serviced by a highly regarded resources technology sector.
Resources technology is a manufacturing area with untapped potential that could be leveraged further, based on the capability and innovation of Australian businesses in supporting the competitiveness of the resources sector.
Australia has significant reserves of the critical minerals and metals which drive the modern global economy, and these are used to manufacture advanced technologies such as electric vehicles, mobile phones and renewable energy systems.
However, because the majority of primary ores are shipped overseas for processing, Australia derives a small share of the potential overall benefit, whereas by undertaking further value-adding and manufacturing here, Australia can capture greater benefit from these value chains.
Applications will open on 13 December 2021.