Today's Budget 2020-21 announcement includes the $1.5 billion Modern Manufacturing Strategy (the Strategy).
Manufacturing is critical to a modern Australian economy. It is a vital part of Australia's response to the COVID-19 crisis. Manufacturing is key to almost every supply chain and adds value across all sectors.
The Strategy will help Australian manufacturers to:
- scale-up
- improve competitiveness
- build more resilient supply chains
This is a part of the Government's JobMaker plan.
Despite our world-class skills and incredible natural assets, manufacturing in Australia has stagnated. Not enough manufacturers are scaling-up in areas that provide good returns.
The Strategy will seize market growth opportunities in our National Manufacturing Priorities.
The Modern Manufacturing Strategy
The Strategy is led by industry, for industry.
The government and industry will grow manufacturing and create jobs by:
- getting the economic conditions right for business
- making science and technology work for industry
- focusing on Australia's areas of advantage
- building national resilience
Our vision is for Australia to be recognised as a high-quality and sustainable manufacturing nation that helps to deliver a strong, modern and resilient economy for all Australians.
Key initiatives
We are putting manufacturing policy front and centre of the Government's JobMaker plan. The Strategy includes four key initiatives with immediate and long-term impacts.
Modern Manufacturing Initiative (MMI)
The MMI will invest $1.3 billion in large transformative projects. It will encourage private investment and build the scale, connections and capabilities of local manufacturers, allowing them to shift up the value chain and grow.
