The manufacturing industry is a vital component of Australia’s economy. It contributes 6 percent to Australia’s GDP and employs 862,200 people. The industry also plays a vital role in research and development. Recently, it has been a significant contributor to the exports of Australia. During the pandemic, the manufacturing industry played an important role in the provision of personal protective equipment, as multiple manufacturers adapted their operations to meet the increasing demand. The manufacturing industry fares much better than the world average, however, it is faced with unique challenges. 

The Modern Manufacturing Strategy

To cater to the changing environment and the challenges, the Australian government has come up with a plan to support the manufacturing industry. The plan has been named Modern Manufacturing Strategy and has been allotted $1.5 billion in funds. This plan is being implemented by various government ministries and departments. The key objectives of this plan are:

1. Creating a conducive economic environment for businesses
2. Incorporating science and technology in the industry
3. Focusing on key manufacturing advantages
4. Enhancing national resilience for a sustainable economy

The aim of this plan is to support economic recovery by facilitating a transition towards high-value and innovative manufacturing. It is believed that a clear vision for the future will pave the way for increased employment opportunities and investment. According to the plan provided by the government, over the years, it is believed that productivity will increase leading to a more competitive environment and higher wages. It will help establish Australia’s place in the world economy as a high-quality and sustainable manufacturing nation. The program has further identified certain manufacturing priorities, which have the potential to deliver long-term transformational outcomes. These include:

1. Food & Beverage
2. Recycling & Clean Energy
3. Space
4. Defence
5. Resources Technology & Critical Minerals Processing
6. Medical Products

Securing Funding for your Manufacturing Business

The government has requisitioned funds for helping manufacturing businesses grow. If you are a business in the manufacturing industry and are looking to source funding for your business, then you should get in touch with Grants Assist. The process can seem daunting, but with proper guidance, you would be able to secure funds for your business in no time. The experts at Grants Assist have been helping businesses and individuals secure funding for a long time. Not only do they have a thorough understanding of various funding programs, but they are also well-versed in various industrial trends. They would be able to help you pick the best funding program for your business and make sure that you secure the grant. 

It is advised to seek the help of professionals as the spots on these grants are often limited and the number of applications received is very high. This leads to a very competitive application process and even a single mistake or misrepresentation can result in your application being denied. Since the experts at Grants Assist have been helping businesses secure funding for a long time, they have demonstrated expertise in this regard. They will guide you through the entire application process and share valuable insight on how you can make your application stand out.

To get you started, here is a list of some grants that have been made available by the Australian government that you can apply for. If you feel that a grant could particularly help your manufacturing business, then get in touch with Grants Assist, as they would provide you with specific information about the grants below.

Grants Available for Manufacturing Industry

As the plan of the government is to improve the overall productivity, grants have been made available for projects which will result in an increase in competitiveness and efficiency. These grants are geared towards small and medium enterprises registered in specific states. If you have a project that can achieve these objectives, then you could secure funding up to $15,000. For eligibility, you must:

1. Have an ABN
2. Must be registered and operational in a State where these grants are available
3. Have an annual turnover between $300,000 and $20 million
4. Not be working as a consultant
5. Not have any active bankruptcy or legal proceedings

The government has also introduced grants that have been designed for local businesses to become energy efficient and improve the manufacturing processes at their facilities. These grants, similar to the one mentioned above, are only available to businesses registered in certain states. You can expect to secure up to $120,000 in matching funds. The purpose of this grant is to help those businesses that are looking for ways to streamline their manufacturing processes by making them energy efficient. This can be achieved by employing the use of innovative technologies such as energy-efficient equipment and conducting energy audits. Such simple steps can help businesses drastically improve their productivity, which is why the government is offering these grants. There are three offers that businesses can take advantage from:

1. Offer 1 – Process Optimization (matched funding up to $50,000)
2. Offer 2a – installing or upgrading energy-efficient equipment (matched funding up to $30,000)
3. Offer 2b – complex projects intended towards improving the energy efficiency of the plant (matched funding up to $70,000)

These are the eligibility requirements that need to be fulfilled to secure this grant:

1. Business must possess a valid ABN
2. Be registered and operational in a state where these grants are available
3. Be registered for GST

Conclusion

The government is aware that for the Australian manufacturing businesses to remain competitive in the rapidly changing world economy, it is important to support the local businesses. At the moment, there are more than 150 different government grant programs that have been designed specifically for helping manufacturing businesses. If you are would like to obtain more information for the grants mentioned above or any other grants and schemes that are available for manufacturing businesses, then get in touch with the experts at Grants Assist, you call them at 1300-005-999, or reach them at their website: www.australiangrants.org.