The federal government has decided to vastly increase the share it will pay of projects to improve the capabilities of defence industries and develop sovereign capabilities.
From 12 November the government will increase its contribution towards projects under three key grants schemes which today are shared 50:50 by government and by industry itself.
Co-contributions will change for:
But wait, there’s more!
Not only do companies have to pay less to further their project, but maximum grant values will increase:
Defence industry minister Melissa Price said: “Small and medium sized business across Australia are doing it tough, which is why this Government is committed to making it easier for these companies to access funding support.
“These changes are part of the Morrison Government’s broader investment initiatives across the defence portfolio to support economic recovery.
“This builds on our announcement earlier this month that we are investing an extra $24 million in defence industry grants programmes as part of our commitment to build a robust, resilient and internationally competitive defence industry.”
Price said defence industry was critical not only to delivering capability outcomes for Defence, but also in assisting the nation’s economic recovery.
Picture: Melissa Price
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