Industry Growth, National Reconstruction Funds Available

The Federal Government‘s $15 billion National Reconstruction Fund has seven key priority areas, including transport and renewables and low-emissions technologies

Applications have opened for the Federal Government’s Industry Growth Program (IGP) and the National Reconstruction Fund (NRF), both of which have application within the heavy vehicle industry.

The $15 billion National Reconstruction Fund is intended to invest in growing Australia’s industrial capabilities.

The NRF investment mandate has seven key priority areas, including transport and renewables and low-emissions technologies.

The fund has broad power to provide financial accommodations including debt, equity, and guarantees but does not provide grants.

In performing its functions, including when it looks at individual investments, the NRF board will consider the value of: growing industrial capability; helping industry pursue value-adding opportunities; improving economic diversity; crowding-in private finance; decarbonisation; creating secure jobs and a skilled, adaptable workforce; boosting supply chain resilience; and commercialising Australian innovation.

The NRF board is interested in opportunities to invest in innovative manufacturing and technologies to support the development of the transport sector. Interested members are encouraged to contact the NRF here.

The $392 million Industry Growth Program (IGP) supports innovative small and medium enterprises undertaking commercialisation and/or growth projects within the NRF priority areas through advisory services and opportunities for matched grant funding ranging from $50,000 to $5 million to eligible start-ups and innovative SMEs.

The breakdown of available funding is as follows: grants of $50,000 to $250,000 to support early-stage commercialisation projects; and grants of $100,000 to $5 million for commercialisation and growth projects.

The IGP supports innovative products, processes or services which: are new, unique or significantly different to any other previous product, process or service in the market or industry where the product is intended to be sold/traded; or involves significant enhancements or developments of current products, processes or services that will enable the business to scale and transform.

Minor changes or improvements to existing products or services are not considered innovative.

Industry Growth Program Grants will open in 2024, but interested members are encouraged to reach out to the department now here.

For more information about the NRF and the IGP, please reach out to Dr Adele Lausberg, Chief Advocacy Officer via a.lausberg@hvia.asn.au.