Funding to boost 19 manufacturers

The Abbott government has announced that it will be injecting funding into 19 Australian manufacturing businesses, including Cochlear and Bega Cheese, in a bid to bolster their competitiveness in a rapidly shifting market. The government will fund the injections through its $50 million manufacturing transition program, which is accompanied by more than $200 million in investment by Australian manufacturers.

The businesses will receive between $1 million and $5 million to improve their competitiveness by investing in new capital equipment and plant improvements.

“The program seeks to encourage Australian manufacturers to invest in more sophisticated and knowledge-intensive manufacturing,” a joint statement from Prime Minister Tony Abbott and Industry Minister Ian Macfarlane said. 

“This will create high-value jobs in areas where the greatest economic opportunities exist.”

The $50 million program fulfils an election commitment to ensure a secure future for manufacturing in Australia by focusing on areas of competitive strength, the statement said. 

“It provides the structural and strategic support necessary to give manufacturers the confidence to back themselves and carve their place in a changing global market,” it said.

Successful projects were awarded through a competitive, merit-based process, based on advice from an expert technical committee.