Special interest groups will always claim that governments could and should do more to support their sector.
Yet, in a world of scarce resources, how a government prioritises spending is often dictated by political objectives as much as economics.
In the case of Australia’s manufacturing industry, BridgePoint Group believes spending is best targeted toward assisting manufacturers to help themselves, by becoming more competitive through innovation and efficiency. So, whilst the ‘could and should’ argument rumbles on (and we are certainly sympathetic to that argument), we nevertheless welcome this Government’s increased focus on the sector.
Manufacturing is a key component of the Australian Government’s plan to deliver a strong, modern, and resilient economy for all Australians.
Helping manufacturers scale-up and bring to market products and projects will create jobs, advanced innovation and produce national prosperity. The Australian Government is committed to this and has a range of incentives and grants which businesses can apply for that are outlined in this document.
The $1.5 billion Modern Manufacturing Strategy aims to build Australia’s reputation as a high quality and sustainable manufacturing nation by getting the economic conditions right for business.
The strategy is a part of a broader program to deliver initiatives that drive innovation and the competitiveness of Australian businesses. Economy-wide reforms underpin the strategy in areas like tax, trade, innovation, expansion and diversification, energy and skills.
National manufacturing priorities
There are manufacturing growth opportunities in six priority sectors including food and beverage, resources-technology and critical minerals processing, medical products, recycling and clean energy, defence and space. These sectors have the potential to deliver long-term transformational outcomes for the Australian economy.
Supply Chain Resilience Initiative (SCRI)
The Australian Government also wants to build Australia’s supply chain resilience. This is to strengthen Australia’s ability to access critical products, especially in times of disruption. The SCRI will position Australia well to respond to unforeseen delays in international and domestic supply chain operations in the future.
To this end, the Australian Government is working with industry to gain a deeper understanding of Australia’s supply chain vulnerabilities and to support businesses to manufacture critical products. This will address vulnerabilities across supply chains to secure domestic supply chains.
The SCRI supports the Australian Government’s Modern Manufacturing Strategy.
Supporting Advanced Manufacturing
The Department of Industry, Science, Energy and Resources is helping industry and businesses harness technology like artificial intelligence (AI) and driving Industry 4.0 (the Fourth Industrial Revolution).
Capabilities such as cloud computing, the Internet of Things (IoT), quantum computing, robotics and cyber-physical systems (CPS) to share, analyse and guide different processes in smart factories are all being supported by the Advanced Manufacturing Growth Centre (AMGC). The centre is working with the manufacturing sector to drive innovation, unlock new opportunities and increase competitiveness so new materials, novel products and enhanced industrial processes are commercialised. The Government’s Industry Growth Centres are driving innovation, productivity and competitiveness in advanced manufacturing, among other sectors.
The AMGC is part of the Government-funded Industry Growth Centres led by a board of industry experts focussing on increasing opportunities in collaboration and commercialisation, improving management and workforce skills and growing markets.
Almost ALL manufacturers are likely to be eligible for grants and incentives
In BridgePoint Group’s experience, almost all manufacturers are carrying out some form of research and development (not to mention their eligibility for other grants and incentives). However, up to 70% of eligible businesses do not claim the R&D Tax Incentive If you have people in lab coats, people whose task is new product development, engineers and/or project managers (on your books or contracting to you,) then you really should look into it.
BridgePoint Group’s Expertise
BridgePoint Group works with clients to harness the grant funding opportunities available to them, appropriate to their unique circumstances.
We work together to provide a seamless solution and interact directly with the Government bodies responsible for administering the grants in order to prepare, lodge and discuss the grant application. BridgePoint Group has over a decade worth of experience in this specialised space and understands the nuances and aspects of a successful application.
Contact us today on 1300 656 141 or email email@example.com for an obligation-free, confidential consultation.