The Federal Government has announced a new round of funding to help automotive suppliers boost their competitiveness.
In a statement Federal Minister for Industry and Innovation Greg Combet said the new grants would help companies diversify their product range and move into new markets.
The funding represents the second instalment of the Automotive New Markets Program, which aims to boost the ailing automotive manufacturing sector.
“The ANMP will help ensure we continue to have a strong automotive supplier base to deliver innovative products for global and domestic markets,” Combet said.
“The grants, which are jointly funded by the Australian and Victorian Governments and administered in conjunction with the South Australian Government, demonstrate the three governments' commitment to the long-term sustainability of automotive manufacturing in Australia.”
Victorian Minister for Manufacturing David Hodgett said innovation in the automotive sector spurred improvements in the wider industry, with the benefits also flowing through to industries such as mining, defence, and aerospace.
“The automotive industry is a critical driver of new technologies and skills for the broader manufacturing sector,” he said.
The first round of grants provided up to $1 million to assist ten automotive firms to develop new products, introduce new technology, and expand into different markets.
Applications for round two close on 19 April. You can find out more about grants here.