A new $24.8m program has been launched by the Minister for Manufacturing, Exports and Trade, Richard Dalla-Riva to encourage Victorian manufacturers to invest in new technology that will increase productivity and competitiveness.
Introduced by the Victoria State Government, the Investing in Manufacturing Technology (IMT) program would provide grants of up to $250,000 to support Victorian manufacturers in adopting leap-ahead technologies, according to Mr Dalla-Riva.
Speaking at Kraft Foods Australia in Port Melbourne, he said that the IMT program was a key part of the Coalition Government’s $58m manufacturing industry assistance package announced in the 2012-13 Budget.
While recognising the challenges in manufacturing, including the high Australian dollar and higher energy costs under the proposed carbon tax, the Coalition Government is committed to ensuring that any financial assistance to manufacturers is based on an increase in productivity, diversification of products, or investments that will enable companies to compete in international markets.
Applications for IMT Round One are open from 18 June to 20 July, with total funding of up to $3m available in this round. Grants will be allocated on a competitive basis and will require a minimum co-contribution from the business of $3 for every $1 of government support.
The full article is featured in the latest edition of the AMT magazine by AMTIL