Australia's forest industries will benefit from newly opened Commonwealth grants that aim to drive innovation in timber and wood fibre processing, encouraging manufacturers to value-add by upgrading processing facilities or creating new products, Chief Executive Officer of the Australian Forest Products Association (AFPA) Ross Hampton said.
"The Government committed $113 million for these new grants ahead of this year's Federal Election and it's excellent to finally see the application process open. AFPA campaigned at the Election for a manufacturing innovation fund for timber processors to boost onshore value adding in Australia's forest industries, allowing us to better utilise our current resources and create new manufacturing and jobs in regional Australia," Ross Hampton said.
"We were pleased to get a bipartisan commitment to this grants program and the potential for processors to get more from their resource is huge. These grants will allow manufacturing businesses to pivot and make the most of the opportunities. With global timber and wood fibre demand forecast to quadruple by 2050, the domestic and international market opportunities are vast.
"We thank Forestry Minister, Senator the Hon Murray Watt for his strong engagement post-election on delivering the Government's commitments for forest industries," Ross Hampton concluded.
Grant funding of between $1 million and $5 million will be available. The grants will be co-contribution with applicants contributing a minimum of 60 per cent of the overall project value.
