The Australian Government has maintained industry funding after consideration of Government Grant programs for industry and business administered by the Department of Industry, Innovation, Science, Research and Tertiary Education. Australian companies will benefit from the continued commitment of funding worth $3.7 billion over the next four years.
“The Government is determined to work in partnership with Australian companies to help build sustainable businesses and strengthen the national economy,” Industry and Innovation Minister Greg Combet said.
The administered funding from 2012-13 to 2015-16 includes:
- Automotive assistance worth $1.8 billion;
- Funding under the Clean Technology Program of $917.1 million;
- Commercialisation Australia funding of $294.1 million;
- Enterprise Connect funding of $95.7 million; and
- Innovation Investment Fund funding of $65.5 million.
Previously announced funding levels for these and many other programs vital to Australian industry have been maintained.
In addition, many Australian companies will be able to access the new R&D Tax Incentive, which provides generous, easy to access support to help businesses undertake R&D activities and develop new products, services and processes.
Of the grants offered to industry and business by the Department, and examined in conjunction with the Mid-Year Economic and Fiscal Outlook, two programs will be subject to savings worth $2 million over four years. This is less than 0.06 per cent of industry and innovation funding.
The final round of the Textile Clothing and Footwear (TCF) – Strategic Capability Program will be trimmed to around $4 million with $1.77 million saved in 2012-13. Recently announced changes to the TCF – Structural Adjustment Program do not impact on special assistance for retrenched TCF employees to secure alternative employment through Jobs Services Australia. Jobs Services Australia will continue to provide assistance to TCF employees who become unemployed through restructuring.
The National Enabling Technology Strategy will be subject to savings of $275,000 in 2012-13.
In addition, funding of $6.9 million allocated to the Clean Technology Innovation Program for 2012-13 has been moved to 2013-14. The Program, which commenced on 1 July 2012, remains a $200 million initiative to support investment in the research and development and commercialisation of new clean technologies.
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