As part of our 2030 Strong Plan for Tasmania's Future, we are strengthening manufacturing which is Tasmania's largest export industry.
The response to the latest round of our Advanced Manufacturing Accelerating Growth Grant program has shown that this sector continues to seek new opportunities to grow which is really encouraging for Tasmania.
The program offers grants of up to $100,000 for Tasmanian-based advanced manufacturing businesses to invest in new equipment and increase employment levels.
Premier and Minister for Trade and Major Investment, Jeremy Rockliff, said the sixth round of the program had received 38 applications from around the State vying for $1 million in funding.
"The latest round was over-subscribed with $3 million in grant requests from 38 companies," Mr Rockliff said.
"It's fantastic that so many local businesses have well-developed growth plans and continue to chase new and exciting opportunities, and it's great that we can help some of them on that journey.
"It also demonstrates the value industry places on having government back their plans," he said.
Overall, Tasmanian Liberal Government support since launching the initial Advanced Manufacturing Action Plan in late 2020 has generated investment of around $10 million and almost 270 additional jobs.
The Premier said projects that receive funding under the latest round of funding are expected to create more and 150 new local jobs and generate new investment in excess of $8 million.
"The first five rounds provided $3.5 million to 50 Tasmanian businesses and generated an almost 3:1 return on this investment for our economy," Mr Rockliff said.
"With manufacturing being Tasmania's largest export industry and the sixth largest industry overall, we are determined to see it not only succeed, but grow."
Funding through round six of the Advanced Manufacturing Accelerating Growth Grant program will be allocated through a competitive process with outcomes expected to be announced in March 2025.
