Five days out from the federal budget, the Prime Minister will signal flagship measures to cut tax, build new infrastructure, fund more skills development and 'rebuild the economy' from the recession. auseconomy budget2020 ScottMorrisonMP
The six priority sectors to receive the new funding will be resources technology and critical minerals processing; food and beverage manufacturing; medical products; clean energy and recycling; defence; and space.
Industry Minister Karen Andrews has talked of expanding food exports, for instance, so Australia adds value to its farm produce, and to produce batteries that add value to the country’s rare earths and other raw materials.The $1.5 billion is new money to be spent over four years on three components including a Manufacturing Modernisation Fund, which will offer $52.8 million in grants to local companies within three months.
The second component will be a $107.2 million Supply Chain Resilience Initiative to identify areas where Australia needs a domestic capability for emergencies, a problem exposed in medical products during the pandemic. Labor industry spokesman Brendan O’Connor has dismissed the government’s talk so far of a new plan for manufacturing, pointing to the closure of car-making as one of the failures of the Coalition’s time in power since 2013.
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