In March and April of 2021, the Government opened funding applications under the $1.3bn Modern Manufacturing Initiative (MMI). This is the most generous funding program the Government will embark upon to support local manufacturers and is aimed at supporting larger projects to get up and running as quickly as possible.
The MMI will run over 4 years to 2023/24 and will co-fund projects that help manufacturers to scale up and create jobs. Projects must align with national manufacturing priority sectors and specifically with road maps developed for each sector.
Funding of $1m to $20m is available for projects on a matched funding basis, meaning the smallest eligible project must have a $2m eligible expenditure.
$30m Advanced Manufacturing Growth Centre (AMGC) Commercialisation Fund: providing up to 50% of eligible costs, this new fund is designed to complement the MMI by supporting smaller-scale projects.
When the COVID-19 pandemic disrupted international food closure supply chains, Australian food and beverage businesses were unable to source products crucial for food storage and packaging. Interpack saw an opportunity to diversify their beverage closure manufacturing offering to service the sector. With funding needed to upgrade their facilities, Grant Thornton helped Interpack to successfully apply for grant funding through the Federal Government’s Manufacturing Modernisation Fund.