Victorian opposition announces $400 million Driving Victorian Manufacturing Success program

The Victorian opposition has announced a new program that would provide grants up to $10 million, covering up to half of costs, for manufacturers investing in projects “to increase efficiency and upscaling, participation in global supply chains, support entry into new markets and business adaptation.”

The program, named Driving Victorian Manufacturing Success, would provide up to $400 million in total support, according to a statement on Tuesday from Victorian deputy Liberal leader David Southwick (pictured.) It will be funded through the $2.5 billion Bringing Manufacturing Home fund.

According to the announcement, grants would range between $50,000 and $10 million per project, funding projects 1:1. Recipients would have to be “majority owned and operated in Victoria.”

“After two years of lockdowns, this commitment will jumpstart manufacturing in Victoria and help local businesses sell their products to the world,” said Southwick.

The news follows the release of the Victorian government’s Made in Victoria 2030: Manufacturing Statement policy last week.

The state election will be held in November 26.

Picture credit: Linkedin