More funds available to boost advanced manufacturing

Madeleine Ogilvie, Minister for Advanced Manufacturing and Defence Industries

The Tasmanian Liberal Government backs business and is focused on strengthening the future for all Tasmanians.

The advanced manufacturing industry is one that continues to grow in profile, reputation and skill and is an industry all Tasmanians can be truly proud of.

We are delivering round three of our $3 million Tasmanian Advanced Manufacturing Accelerating Growth Grant Program, which is now open for applications for funding that will help grow the sector.

Tasmanian-based manufacturing businesses can apply for grant funding of up to $100,000 to purchase equipment to help their market expansion and create new jobs locally.

The third round is expected to be highly competitive following the success of the first two rounds, which saw 20 successful applicants sharing more than $1.5 million for projects that will generate an estimated investment of $7.5 million.

The first two rounds have also helped create almost 100 new jobs in the industry right here in Tasmania.

Successful applicants will have solid plans to invest in plant and equipment that will be used in the manufacturing process and increase production capacity to boost sales opportunities both interstate and internationally.

The grants provide an up to 50 per cent contribution toward the purchase of equipment, with applicants having to contribute at least half of the total project cost.

We have also expanded eligibility since the last round. Grants are now available to Tasmanian-based advanced manufacturers with annual sales turnover of between $300,000 and $50 million, meaning more businesses can apply.

The program aims to help Tasmanian companies become more competitive, resilient and better able to scale-up to compete in global markets.

Advanced manufacturing is a critical sector for Tasmania, generating turnover of more than $7 billion annually and employing more than 18,000 people locally.

The Tasmanian Liberal Government is proud to help deliver support to this key industry which strengthens job opportunities and our economy.

From more information on our Advanced Manufacturing Accelerating Growth Grant Program including guidelines, eligibility and how to apply, go to the Business Tasmania website at www.business.tas.gov.au

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