As part of our Long-Term Economic Plan, a Matt Guy Liberals and Nationals Government will work to bring manufacturing home to Victoria.
An important part of this is to support Victorian businesses to innovate under a new co-funded grants program, announced today.
The Liberals and Nationals' Driving Victorian Manufacturing Success program would provide $400 million in co-funded grants to support new and existing manufacturers to scale up, innovate and grow.
Under this program, co-funded grants of between $50,000 to $10 million, with up to 50 percent of the eligible project expenditure, would be available.
Funding would go towards projects aimed to increase efficiency and upscaling, participation in global supply chains, support entry into new markets and business adaptation.
Grants would be awarded on the basis the applicant can match $1 for $1 of the grant amount and be available to businesses majority owned and operated in Victoria.
This program complements the Victorian Liberals and Nationals' commitment to cut payroll tax to the most competitive of any state in the nation.
Importantly, we can only afford to do this because we are capping Daniel Andrews' spiralling debt, cutting Labor waste and redirecting the $35 billion from the Cheltenham to Box Hill rail line to fixing the health crisis.
Deputy Leader of the Liberal Party, David Southwick, said the Liberals and Nationals had real solutions to support local businesses to expand for the future.
"After two years of lockdowns, this commitment will jumpstart manufacturing in Victoria and help local businesses sell their products to the world."
"Strong small businesses means more jobs and a brighter future. Only the Liberals and Nationals have real solutions to back local businesses to grow and innovate."
Shadow Minister for Manufacturing, Bridget Vallence, said only the Liberals and Nationals have a comprehensive plan to bring manufacturing home.
"We have seen during COVID just how important it is to have a strong local manufacturing base which isn't reliant on fickle global supply chains."
"Our grants program will support new and existing businesses to take the next step and will mean a stronger, more competitive local economy."
The Driving Victorian Manufacturing Success program is funded out of our $2.5 billion Bringing Manufacturing Home fund.
