Today’s Budget 2020–21 announcement includes the $1.5 billion Modern Manufacturing Strategy.
Manufacturing is critical to a modern Australian economy. It is a vital part of Australia’s response to the COVID-19 crisis. Manufacturing is key to almost every supply chain and adds value across all sectors.
The Strategy will help Australian manufacturers to:
- improve competitiveness
- build more resilient supply chains
This is a part of the Government’s JobMaker plan.
Despite our world-class skills and incredible natural assets, manufacturing in Australia has stagnated. Not enough manufacturers are scaling-up in areas that provide good returns.
The Strategy will seize market growth opportunities in our National Manufacturing Priorities.
The Modern Manufacturing Strategy
The Strategy is led by industry, for industry.
The government and industry will grow manufacturing and create jobs by:
- getting the economic conditions right for business
- making science and technology work for industry
- focusing on Australia’s areas of advantage
- building national resilience
Our vision is for Australia to be recognised as a high-quality and sustainable manufacturing nation that helps to deliver a strong, modern and resilient economy for all Australians.
We are putting manufacturing policy front and centre of the Government’s JobMaker plan. The Strategy includes four key initiatives with immediate and long-term impacts.
Modern Manufacturing Initiative (MMI)
The MMI will invest $1.3 billion in large transformative projects. It will encourage private investment and build the scale, connections and capabilities of local manufacturers, allowing them to shift up the value chain and grow.
Find out more about our Modern Manufacturing Intiative and National Manufacturing Priorities.
Supply Chain Resilience Initiative
This $107.2 million investment will allow us to better understand supply chains, identify gaps and take action to address them.
Find out more about the Supply Chain Resilience Intiative.
Manufacturing Modernisation Fund (MMF) round two
This $52.8 million investment builds on the popular and successful program to support transformative investments in manufacturing technologies and processes.
Find out more about the Manufacturing Modernisation Fund (MMF) round two.
Road maps to recovery and beyond
We will facilitate expert industry-led teams to develop road maps against each of the National Manufacturing Priorities and work together to indentify road blocks to growth.
Australia’s manufacturing goals
Our vision is to be recognised as a high-quality and sustainable manufacturing nation. We want to help deliver a strong, modern and resilient economy for all Australians. We aim to achieve this by 2030.
In 2 years:
- create a business environment to support manufacturing jobs and encourage new investment
In 5 years:
- support a more industry-focused science and technology system
- help to boost productivity, scale and competitiveness
In 10 years:
- lock in productive and competitive firms with high-impact sectoral growth
The Minister announced the Strategy on 6 October 2020