Technology leader ABB has welcomed the announcement that the Federal Government will invest 1.5 billion into the manufacturing sector as part of its JobMaker Plan to rebuild the economy, create jobs and recover from the COVID-19 recession.
Earlier this week, Primer Minister Scott Morrison announced that ‘around $1.5 billion in new funding’ will be invested over the next four years in the Modern Manufacturing Strategy, to increase the competitiveness of Australian manufacturers, to make them more resilient and allow them to scale-up.
The centrepiece of the Strategy is the $1.3 billion Modern Manufacturing Initiative (MMI), which will see the Government strategically invest in projects that help manufacturers to scale up and create jobs.
The MMI will support projects within six National Manufacturing Priorities which reflect Australia’s established competitive advantages or emerging areas of priority, including resources technology and critical minerals processing, food and beverage, medical products, recycling and clean energy, defence and space.
“The COVID crisis opens a new chapter for Australian manufacturing as a revitalised source of high-wage jobs, valuable exports and national income,” Mr Morrison said.
“Our Modern Manufacturing Strategy is at the heart of our JobMaker plan. It starts with creating a stable and competitive business environment to grow our all parts of our manufacturing sector, but it does not end there.
“It will play to Australia’s strengths, improve collaboration and commercialisation, and create a sector that is modern, dynamic and highly skilled.”
Minister for Industry, Science and Technology Karen Andrews said the Strategy will also address the competitiveness of individual manufacturers in the country’s priority sectors, with a $52.8 million expansion of the Manufacturing Modernisation Fund.
“Our manufacturers have risen to the challenge to deliver during COVID-19 and now, we’re unlocking their potential to deliver for our future,” Minister Andrews added.
“By playing to our strengths, strategically investing and boosting the role of science and technology in industry, we can open up new markets and take more of our quality products to the world.
ABB Australia’s Managing Director Slavko Planinic described the announcement as ‘a massive opportunity’ for Australia to renew the manufacturing sector to be one that is sustainable and globally competitive.
“We welcome the Prime Minister’s plans to invest $1.5 billion into the manufacturing sector,” Mr Planinic said.
“This is a once-in-a-generation opportunity to renew and reshore manufacturing capacity across industries critical to Australia’s future.
“A globally competitive and advanced manufacturing sector is essential to rebuilding our economy and creating long-term jobs.”
