ADVANCED MANUFACTURING FUND TO TURBOCHARGE JOBS
Senator Nick Xenophon will discuss the breakthrough funding for the Advanced Manufacturing Fund and what this will mean for jobs in South Australia and Victoria.
Some SA companies that will benefit considerably from the fund include:
Supashock – CEO Oscar Fiorinotto – 0418 385 569
Redarc – CEO Anthony Kittel – 0417 856 263
Australian Clutch Services – CEO Brenton Jordan – 0438 455 236
The $100 million Advanced Manufacturing Fund will consist of the following:
- $24 million over two years for advanced manufacturing research projects to stimulate development of new products and processes;
- $10 million over two years for two Advanced Manufacturing Innovation Labs to test new manufacturing products and services and build business capability;
- $5 million over two years for student research scholarships to maintain the flow of highly trained automotive design engineers;
- $13.5 million over five years to reduce tariffs on imported vehicles and components to boost design and engineering activities for the development of global platform vehicles;
- $47.5 million over two years for grants to South Australian and Victorian manufacturers to undertake capital equipment upgrades to make their businesses more competitive.
"This is a welcome move by the Government but not the final move by any means. Our automotive industry still has a long way to go," said Nick.
"The $100 million will be a good overdue start to revive some of the manufacturing in SA and Victoria that we've recently lost and will lose in the months to come. The hope is that the Government will see the strong economic benefit that comes from supporting advanced manufacturing and further increase this funding."