The Federal Government has today announced it is bringing forward $6.15 billion in concessional capital to support Australian businesses affected by global disruptions.
It says the accelerated delivery of funds will help protect local manufacturing and supply chain businesses from market disruptions, and support investments in increased production capability, capacity and decarbonisation efforts.
The funding – including the $1 billion Economic Resilience Program, $5 billion Net Zero Fund, and $150 million in concessional finance under the Forestry Growth Fund – will open shortly to provide a greater scope of support and concessional finance to Australian businesses.
The Economic Resilience Program (ERP) will provide zero-interest loans to fuel, fertiliser and other critical supply chains businesses to support Australia’s domestic industries and supply chains impacted by market disruptions.
Originally on track to open mid-year, the $5 billion Net Zero Fund will open sooner to support new manufacturing investment and improvement of energy efficiency in hard-to-abate sectors. This includes scaling domestic manufacturing capabilities in clean energy supply chains – such as wind, solar and energy storage solutions – and the production of low carbon liquid fuels.
The $150 million Forestry Growth Fund will support timber processing for use in housing construction and investment in mills and processing facilities to move up the value chain.
These programs are all sub-funds under the Government’s $15 billion National Reconstruction Fund.
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