Oz Grants to Help Auto Suppliers Recalibrate

The Australian government is giving grants to 10 automotive component manufacturers to help them move into new industry sectors before local car manufacturing ceases in 2017.

Industry Minister Christopher Pyne says the A$4.8 million ($4.2 million) in government support will generate a total of A$15.1 million ($13.3 million) in investment to help the firms diversify into new markets.

The 10 businesses will receive grants ranging from A$101,691-A$1 million ($90,000-$883,000) from round three of the Automotive Diversification Program to complement contributions by each recipient.

The program funding is part of the government’s A$155-million ($137 million) Growth Fund.

Pyne says the program has supported 31 diversification projects and is expected to drive an almost A$50 million ($44 million) investment in manufacturing.

“This is key to our commitment in ensuring a strong and sustainable high-value, globally competitive, manufacturing industry in Australia,” he says.