Stay up-to-date by signing up to receive Michael’s eNewsletter.
Subscribe Now
Joint government and private investment to drive automotive diversification
Michael Sukkar, Federal Member for Deakin, welcomed the Australian Government’s investment of $109,000 to assist local automotive component manufacturer Luna Nameplate Industries to diversify and create new jobs.
Meeting today with Malcolm Fredericks, Managing Director, Luna Nameplate Industries in Bayswater, Michael said, “This is fantastic news, and demonstrates this Government’s commitment to supporting the future of automotive manufacturing in Victoria.”
The Government’s investment supports an investment from the company itself, and is part of more than $17.6 million in project investments for nine Australian automotive component manufacturers as they move into new industry sectors.
Minister for Industry and Science Ian Macfarlane announced that almost $5.7 million in Government support will generate a total of $17.6 million in investment, to help firms diversify into new markets such as food packaging and aerospace.
Nine businesses will receive grants ranging from $109,000 to $1 million from Round Two of the Automotive Diversification Programme to complement contributions by each recipient.
Michael said the Automotive Diversification Programme funding was part of the Australian Government’s $155 million Growth Fund.
“This funding is critical for companies to grow their business and plan for their futures, while also retaining important skills and jobs in our local manufacturing areas in Deakin,” Michael said.
“It is part of the Australian Government’s suite of industry and manufacturing programmes dedicated to ensuring a strong and sustainable manufacturing industry in Australia.”
Round three of the Automotive Diversification Programme opened on August 3, with applications closing on September 17.
Further information on the programme and a list of the investments can be found at www.business.gov.au/ADPRecipients.