VECCI welcomes $155 million growth fund for manufacturing sector

 

VECCI welcomes the Prime Minister’s announcement of the $155 million Growth Fund, including the significant State Government contribution, which will support Victorian workers and businesses impacted by the announced closures of automotive manufacturing operations in Victoria.

“It is very important that the response to these closures covers the provision of immediate support and analysis to identify and subsequently back those manufacturers capable of diversifying into the markets of the future,” says VECCI Chief Executive Mark Stone. 

“VECCI is very pleased that the supply-chain businesses will have access to support as they face a challenging period of change. The Growth Fund also recognises the need to support the affected workers with career advice and training so they can start acquiring the skills they’ll need to transition to new employment as soon as possible.”

It also identifies the importance of helping supply chain businesses to identify new markets so that those which can diversify, are able to do so.

Recognising that particular regional areas will have been affected also, the $30 million funding for investment in regional infrastructure to encourage business investment is timely.

“It is positive to see recognition of various sectors that have also been highlighted by VECCI as having growth potential for the Victorian economy such as advanced manufacturing, food and agriculture, health and biomedical, mining services, tourism and education,” says Mr Stone. 

“VECCI is also particularly pleased that a significant $60 million component of the total funding aims to boost investment in advanced manufacturing. It is vital that there is investment to support businesses with the potential to break into new markets and provide new, sustainable career paths.

"Victoria has a proud manufacturing history and the Growth Fund will play a vital role in ensuring that the skills of Victorian manufacturing workers are not lost and Victorian manufacturers with leading edge technology and quality products are given every opportunity to build a sustainable future.”

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The Victorian Employers' Chamber of Commerce and Industry (VECCI) is the peak body for employers in Victoria, informing and servicing more than 15,000 members, customers and clients around the state.

www.vecci.org.au

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