The Victorian Government has announced a $120 million Victorian Industry Fund, prioritising areas that are strategically important to state’s economic recovery, generating new investment and jobs, including support for the advancement of domestic manufacturing.
According to information published on the vic.gov.au website, the fund includes a new $40 million Victorian Industry Investment Fund to provide grants to support rapidly growing businesses, including supply chains that underpin economic resilience.
A $7 million Low-Carbon Manufacturing Grant Program is aimed at supporting Victorian manufacturers to compete globally for renewable energy components, supporting Victoria’s transition to net zero and all the jobs this will create.
The fund will also support digital jobs in manufacturing and defence manufacturing industry internships to the tune of $7.1 million, with the aim of upskilling the workforce to leverage opportunities in these sectors.
A further $40 million will be provided for targeted financial incentives to attract business investment into Victoria, in line with the Victorian Government’s International Investment Strategy.
Also included is $20 million for an equity investment pilot fund that will attract young, highly-innovative companies looking to grow in areas that align with Victoria’s priority strengths, such as medical technology, creating more jobs right across our state.
For more information on Victorian Government budget announcements go to www.budget.vic.gov.au