$3m grant to deliver precision manufacturing capability
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Australia is bolstering its manufacturing capability with a $3 million investment to advanced technology manufacturer ANCA in east Melbourne.
ANCA will establish a precision manufacturing cell at its Bayswater headquarters, using the grant delivered through the Modern Manufacturing Initiative.
The investment is set to create over 300 jobs.
The company supplies advanced tool-making machines and technology to aerospace, medical, automotive and electronic industries, exporting to more than 45 countries.
Assistant Minister for Manufacturing Tim Ayres said he was pleased to announce the grant, delivering this advanced manufacturing capability at a time when building sovereign capability has never been more important.
“Over the last decade, Australian exports have slipped down the global value chain as our exports have become less complex,” Assistant Minister Ayres said.
“This grant will enable ANCA to build a new designated precision manufacturing cell and continue enhancing Australia’s sovereign manufacturing capabilities,” he said.
He continued that it will also create an estimated 157 highly skilled jobs during the project and about 330 jobs after five years.
The Albanese Government has committed $15 billion to establish the National Reconstruction Fund, which will support, diversify and transform Australia’s industry and economy.
Related: $15b National Reconstruction Fund to revive local manufacturing
Modelled on Labor’s successful Clean Energy Finance Corporation, it will be governed by an independent board who will make independent investment decisions.
The federal government is targeting $1 billion of the National Reconstruction Fund for investments in advanced manufacturing.
“The National Reconstruction Fund is one of the biggest investments in Australian manufacturing capability in living memory,” Assistant Minister Ayres said.
“The Fund will help secure our long-term capability and drive sustainable economic growth by leveraging Australia’s competitive strengths,” he concluded.
Source: Senator the Hon Tim Ayres media release
