New fund to turbocharge modern manufacturing

The government of New South wales is investing $30 million in a new program to attract more investment in industries such as medical technology, digital systems, clean energy, defence and aerospace.

The Future Industries Investment Fund is an open, competitive grant program that will provide rebate support for eligible businesses that create a minimum of 20 ongoing net new full-time equivalent jobs in NSW; or invest a minimum of $3 million in capital expenditure (excluding assistance from this Program) within NSW as part of the overall project.

Minister for Enterprise, Investment and Trade Alister Henskens said the new program would drive growth in emerging industries and ensure NSW remains at the cutting-edge of modern manufacturing.

“NSW is the manufacturing powerhouse of Australia and is home to a diverse range of innovative manufacturers that make and export world-leading products,” he said.

“We need to ensure our state remains ahead of the pack when it comes to the manufacturing of high-value products and that means backing businesses to establish and expand their operations right here in NSW.

“This work will build on our already significant investment in manufacturing, to support businesses to locate and grow in NSW, boost local productivity and take our sovereign capability to a new level, which will drive our economy for generations to come.”

The new program forms part of the NSW Government’s response to the Modern Manufacturing Taskforce’s report.

Initiatives identified in the response will be delivered under the coordination of industry expert and NSW Modern Manufacturing Commissioner Lisa Emerson.

Ms Emerson will lead government, industry, academia and community partner engagement in the development of a new Modern Manufacturing Strategy that will support industry and NSW businesses to build the globally competitive capabilities that underpin economic success.

Ms Emerson said the strategy will consolidate existing plans and policies to ensure government efforts are directed efficiently, have clear measurable outcomes, and provide industry with the support it needs.

“Providing support for local manufacturers, particularly at the scaleup stage, and the promotion of advanced manufacturing capabilities including technologies, processes, business models and careers will be a pivotal focus of my tenure, as we work towards the goal of economic prosperity for NSW,” Ms Emerson said.

The Modern Manufacturing Taskforce’s Making it in NSW report and the NSW: The Home of Modern Manufacturing, the NSW Government’s response to the report, are available online.

Applications for the Fund opened on Thursday 8 December 2022, with further details available online.