The Morrison Government will invest an extra $24 million in defence industry grants programs as part of our commitment to build a robust, resilient and internationally competitive defence industry.
Minister for Defence, Senator the Hon Linda Reynolds CSC, and Minister for Defence Industry, Melissa Price, today announced the funding to support small businesses in the defence sector.
On top of the current funding of $17 million per year, an extra $24 million will be provided over the next two financial years to the Sovereign Industry Capability grants and industry support grants, bringing the total to $58 million over the period FY2020-22.
Minister Reynolds said the extra funding reaffirmed the Government’s commitment to building a strong defence industrial base.
“Supporting Australia’s military capability remains critical due to the important role this sector plays in the nation’s recovery,” Minister Reynolds said.
“Developing an industrial base with the capability, posture and resilience to meet our future defence capability needs remains a long-term endeavour.
“The Morrison Government remains focused on supporting the defence sector through the difficult period ahead.”
Minister Price said the additional funds would enable dynamic and innovative small and medium-sized businesses to access support quickly and more easily as the country recovers from the COVID-19 pandemic.
“The extra funding we are announcing today is designed to support the opportunities for Australian business to deliver world-class capability for our Defence Force,” Minister Price said.
“It will also allow grant recipients more flexibility in completing projects and assist cash flow by accelerating the delivery of funds to small businesses.
“Once again the Morrison Government is demonstrating its commitment to developing a stronger defence industry that can capitalise on the opportunities presented by our $270 billion investment in defence capability.”
Further information about the Sovereign Industrial Capability Grants can be found on the Department’s website: www.defence.gov.au/SPI/Industry/CapabilityPlan/SICP-Grants.asp