The federal government has announced $32 million in additional funding for investment through the Defence Innovation Hub over the next two years.
Billed as part of COVID-19 investment initiatives, the cash will flow to small and medium-sized businesses (SMEs) that have the potential to enhance defence capability.
Since 2016, the Defence Innovation Hub has awarded more than $265 million in innovation contracts, with more than 83 per cent going to SMEs.
More than 100 Australian small and medium sized businesses have benefited from Hub funding, increasing the integration of industry with defence needs.
Minister for defence industry Melissa Price said investment through the Defence Innovation Hub had created more than 600 jobs.
“This additional funding…will strengthen the ability of our local defence industry to continue developing cutting-edge technologies as they navigate the challenges posed by the COVID-19 pandemic.”
Defence innovation priorities can be found here.
Picture: Melissa Price
Subscribe to our free @AuManufacturing newsletter here.