The Federal Government has delivered $4,797,383 in support to 10 Australian automotive component manufacturers, facing the approaching death of local car making.
Announcing the grants today during a visit to Multislide Industries in Adelaide, Minister for Industry, Innovation and Science Christopher Pyne said the support would generate a total of $15.1 million in investment, to help firms diversify into new markets.
10 businesses will receive grants ranging from $101,691 to $1 million from round three of the Automotive Diversification Programme to complement contributions by each recipient.
Successful applicants and grant offers include Multislide Industries in Edwardstown, South Australia; Orbital Australia, in Balcatta, Western Australia; Luna Nameplate Industries, Bayswater North, Victoria.
Pyne said this Automotive Diversification Programme funding was part of the Australian Government’s $155 million Growth Fund.
Including today’s announcement, the programme has supported 31 diversification projects and is expected to drive almost $50 million investment in Australian manufacturing.
“This investment enables our manufacturers to move to a new model that’s characterised by the kind of innovation and spirit the Government is fostering through its new National Innovation and Science Agenda,” Pyne said.
“This is key to our commitment in ensuring a strong and sustainable high-value, globally-competitive, manufacturing industry in Australia.”
Matt Williams, Member for Hindmarsh, said that it was extremely important to South Australian workers and the economy that local manufacturers were given the financial support they needed to produce new products and move into new markets.
“The Government continues to support component makers like Multislide Industries in transitioning their businesses ensuring skills and jobs in Australian manufacturing are retained,” he said.