Saturday, July 20, 2024

$81.4m boost to Australian Defence industry

AUSTRALIA

The Australian Federal Government has committed $81.4 million to a key grant program aimed at growing the sovereign industrial capability of Australia’s defence industry.

Australian Minister for Defence Industry, Melissa Price (pictured) also unveiled changes to the grant guidelines for the Sovereign Industrial Capability Priority Grant program that she says will make it a competitive program.

Minister Price, who made the announcement at the Defence Connect Budget Lunch in Canberra, said continued funding of the SICP Grant program would help build Australia’s sovereign industrial capacity to support the Australian Defence Force.

“The program will allow Australian businesses to continue making crucial investments in our sovereign industrial base by developing a broad range of critical capabilities,” Minister Price said.

Minister Price said the co-contribution ratio and minimum and maximum grant amounts would return to their pre-COVID-19 stimulus levels.

“Small to medium Australian businesses will now be able to apply for a grant of up to $1 million with a co-contribution ratio of 50:50,” Minister Price said. 

“This is capped at $3 million in a three-year period per recipient.

“I have no doubt that this level of support will be welcomed by SMEs and demonstrates our commitment to developing a defence industry capable of building what we need at home when we need it.”

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