ANCA, an advanced tool manufacturing machines supplier, is establishing a new precision manufacturing cell at its Bayswater headquarters with a $3 million investment from the federal government’s Modern Manufacturing Initiative.
The funding is expected to create around 157 highly skilled jobs during the project and about 330 jobs in east Melbourne after five years, Assistant Minister for Manufacturing Tim Ayres said Tuesday.
Ayres said the grant paves the way for a new advanced manufacturing capability amid a time when Australian exports have slipped down the global value chains as the country’s exports have become less complex.
“This grant will enable ANCA to build a new designated precision manufacturing cell and continue enhancing Australia’s sovereign manufacturing capabilities,” Ayres added.
ANCA provides advanced tool-making technology to aerospace, medical, automotive, and electronic industries, exporting to more than 45 countries.
The Albanese government has allocated $15 billion to establish the National Reconstruction Fund (NRF) to deliver support, diversify, and transform Australia’s industry and economy.
The funding, which was built on the success of Clean Energy Finance Corporation, the NRF will be governed by an independent board that will make independent investment decisions.
About $1 billion of the NRF is intended to go towards fostering Australia’s advanced manufacturing.
“The National Reconstruction Fund is one of the biggest investments in Australian manufacturing capability in living memory,” Ayres said.
“The Fund will help secure our long-term capability and drive sustainable economic growth by leveraging Australia’s competitive strengths.”
