Aussie manufacturers are in for a bit of a boost from the federal government, which will hopefully create much needed jobs.
The Manufacturing Modernisation Fund (MMF) will see around 200 projects worth more than $215 million supported, with the federal government contributing $48.3 million.
It’s understood the fund was developed before the coronavirus pandemic, to help small and medium sized Aussie businesses transform and upgrade, to become more competitive in the global market.
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Though, Minister for Industry, Science and Technology Karen Andrews says this funding will now go a long way to ensure these businesses make it through the current crisis.
“The Federal Government is committed to helping Australian manufacturers prepare for the future and to employ more Australians. More than 2,600 new jobs are expected to be created by these successful projects.
“We established the MMF before the coronavirus pandemic to help small and medium sized manufacturers invest in capital equipment and new technologies to transform and upgrade their manufacturing operations.
“Now as we face the coronavirus pandemic and look to come out the other side stronger, this investment will be more critical than ever.
“I am determined to further strengthen Australian manufacturing and the current pandemic gives us the opportunity as a nation to reassess and commit to the values of Australian-made goods,” Minister Andrews said.
It’s understood that grants totalling $35 million will go towards 59 companies for large scale projects worth over $177 million, while $13.3 million in grants will go to 141 small scale projects worth over $38 million.
One of the large scale projects set to receive a grant is the production line that will bring back the iconic Polly Waffle! (a marshmellow-stuffed wafer tube drowned in chocolate)
That project alone will create around 38 jobs in South Australia.
For more information on the Manufacturing Modernisation Fund, click here.