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Labor promises $1 Billion for Advanced Manufacturing

If elected, an Australian Labor Government will invest $1 billion in advanced manufacturing, as part of its election commitment to create secure well-paid jobs and build a future made in Australia.

The Advanced Manufacturing Fund will be part of Labor’s $15 billion National Reconstruction Fund. Labor leader Anthony Albanese said he believes Australia can become a country that makes things again with national reconstruction focused on advanced manufacturing and creating local job opportunities for the next generation.

“This is about sovereign capability,” he said. “I want to be the Prime Minister who helps Australia stand on our own two feet again.”

Australia ranks 15th in the world for innovation inputs, he said in a statement. “But on innovation outputs we rank 33rd. Labor’s plan to invest in advanced manufacturing will aim to close this gap and capitalise on the ingenuity for which Australia is known.

“The Advanced Manufacturing Fund is part of Labor’s commitment to ensuring we build on our national strengths and diversify Australia’s industrial base in key areas.”

Labor’s $1 billion investment is designed to rebuild Australia’s industrial base creating new capabilities and opportunities to innovate in transport, defence, resources, agricultural and food processing, medical science, renewables and low emission technologies manufacturing.

Labor says its plan will give businesses access to capital to diversify operations, industrial processes, and use research and development to climb the technological ladder. A Labor government will undertake wide-ranging consultation with local communities, businesses, unions, regional development authorities, states and local governments to identify projects that support innovation, grow advanced manufacturing jobs and repair the damage of the past nine years.

 

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