The Prime Minister on Wed 18.12.2013, announced that the Government would implement a wide-ranging industry initiative comprising targeted support for regions impacted by the wind-down of Holden’s manufacturing operations by 2017; reviews of the South Australian and Victorian economies; and development of a National Industry Investment and Competitiveness Agenda which will focus on our strengths, create jobs and exploit our competitive advantages.
To support the reviews, the Federal Government’s response will include the development of a id=”mce_marker”00m growth fund to support economically responsible initiatives in regions facing pressure in their manufacturing sectors. The fund will be administered by the Department of Industry and commence in 2014-15. The Federal Government will contribute $60m to the fund and the Victorian Government will contribute id=”mce_marker”2m. The PM said the remainder will be drawn from the South Australian Government and “our expectation is that Holden will make a contribution”.
The fund will provide:
- support for existing component manufacturers in Victoria and South Australia to adjust their business output or business model to non-automotive and overseas customers, or who commence or expand export activity;
- grants to existing and/or new businesses that establish or expand manufacturing operations in South Australia or Victoria, with preference for those businesses that employ former automotive workers; and
- grants to aid the commercialisation of R&D in the automotive component manufacturing sector, leading to new products or processes.
[LTN 244, 18/12/13]