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What is the Advanced Manufacturing Accelerating Growth?
The Advanced Manufacturing Accelerating Growth Program is an initiative which provides Tasmanian advanced manufacturing enterprises with funding to purchase capital equipment.
Background
The Advanced Manufacturing Accelerating Growth Program (the program) supports Tasmanian-based advanced manufacturing enterprises to become more competitive, resilient, and able to scale-up to better compete in global markets. The program encourages businesses to invest in innovative equipment, leading to increased employment, increased off island trade and greater economic benefits for regional Tasmania.
Funding
Funding of $2 700 000 has been allocated for two financial years (2021-22 and 2022-23). Funding of $1 350 000 is available in 2022-23.
The program provides up to a 50 per cent contribution to Tasmanian-based advanced manufacturers to purchase capital equipment that can be demonstrated to meet the aims of the program.
Minimum grant request is $10 000 and a maximum of $100 000 available per financial year.
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Eligible Projects
The program provides a reimbursement of up to 50 per cent of approved project costs up to a maximum of $100 000. Eligible project expenditure cannot be retrospective. Eligible expenditure includes:
- plant and equipment to be used in the manufacturing process
- commissioning costs
Eligible Applicants
To be eligible, you must:
- be a Tasmanian–based advanced manufacturing enterprise
- have an Australian business number (ABN)
- be registered for goods and services tax (GST)
- have annual sales turnover greater than $500,000 and less than $20 million
- not be a consultant or intermediary
- not be subject to any legal disability, including bankruptcy or liquidation.
Timing
Applications close 23 September 2022.
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More Information
Latest News
The Tasmanian Government has announced the fourth round of the Advanced Manufacturing Accelerating Growth Program, providing nearly $1 million in funding to 11 local firms. This round brings the total number of enterprises receiving funding to 34, with a combined value of over $3 million. Minister for Advanced Manufacturing and Defence Industries, Madeleine Ogilvie, highlighted that the program aims to support advanced manufacturers in expanding into new markets or strengthening their existing ones, both domestically and internationally.
Of the $870,000 allocated in the recent funding round, more than half will be directed towards rural areas, including towns like Wynyard, Little Swanport, Quoiba, Ulverstone, and Geeveston. The successful applicants represent various industries, such as food production, engineering, equipment manufacturing, and precision machining.
Minister Ogilvie emphasized the significance of supporting rural businesses, which play a vital role in job creation and economic growth within small towns across Tasmania. The latest funding is expected to generate a total investment of around $2.7 million and create over 33 full-time equivalent manufacturing jobs.
Overall, the Advanced Manufacturing Accelerating Growth Program has attracted a total investment of $12.02 million, resulting in a return on investment of $3.93 for every dollar provided. Manufacturing is a key contributor to Tasmania’s private sector, generating over $2.01 billion in revenue and employing more than 18,000 individuals. It is estimated to further stimulate the economy by generating $3.2 billion in flow-on benefits, leading to the creation of 31,400 new non-manufacturing jobs.
