An $11 million Innovation and Investment Fund that aims to drive long-term sustainable industry opportunities in Tasmania, help diversify the state’s economy and create new jobs has been announced by the Australian Government.
Grants, from a minimum of $50,000, will be awarded through a competitive, merit-based process that will ensure that funded projects are commercially robust. Applications will be assessed by a panel including an Australian Government representative and two other people with relevant Tasmanian business experience.
Minister for Industry Ian Macfarlane says the fund is an important part of a regional economic diversification package for Tasmania.
“The fund forms part of a $106 million Australian Government package aimed at stimulating economic growth and new jobs in Tasmania, in addition to other initiatives under the Government’s Economic Growth Plan for Tasmania,” he says.
“The Australian Government is working with the local community to help strengthen industries across Tasmania to become more competitive by investing in technology, modernisation and business capacity building.”
Among other Federal Government investments in Tasmania are $38 million to expand Hobart International Airport, $24 million to establish a new Centre for Antarctic and Southern Ocean research and $400 million to upgrade the Midland Highway.
The Innovation and Investment Fund will be delivered in Tasmania by AusIndustry and will continue until the 2016-17 financial year. Applications close on October 1, 2014.
For more information visit www.business.gov.au, call 13 28 46 or email hotline@business.gov.au.