Supporting Victorian manufacturing
3 May 2022
The Victorian Government has announced a $120 million Victorian Industry Fund, prioritising areas that are strategically important to state’s economic recovery, generating new investment and jobs, including support for the advancement of domestic manufacturing.
This includes a new $40 million Victorian Industry Investment Fund to provide grants to support rapidly growing businesses, including supply chains that underpin economic resilience.
A further $40 million will be provided for targeted financial incentives to attract business investment into Victoria, in line with the Victorian Government’s International Investment Strategy.
We’re also delivering $20 million for an equity investment pilot fund that will attract young, highly-innovative companies looking to grow in areas that align with Victoria’s priority strengths, such as medical technology, creating more jobs right across our state.
The $7 million Low-Carbon Manufacturing Grant Program will help Victorian manufacturers compete globally for renewable energy components, supporting Victoria’s transition to net zero and all the jobs this will create.
We’re also boosting training, with $4.5 million for 300 Digital Jobs for Manufacturing internships to help train, support and prepare the Victorian workers who will support these industries.
Funding of $1.5 million is provided for the Defence Science Institute to support defence research and development in Victoria.
The $2.6 million Defence Industry Workforce Development program delivers additional internship programs to train Victorians to leverage opportunities in the defence manufacturing industry.
Another key step in further developing an advanced manufacturing capability is $1.5 million in funding to explore the co-location of the CSIRO agrifood research and development capability with AgriBio at La Trobe University.
Source: Victorian Government Budget 22/23