Our Government Grants team monitors the fluctuating grants landscape and has identified some major opportunities to keep an eye on over December 2022 and January 2023 – read on below for more on these programs.
What’s on offer?
With over 4,000 Government grant programs on offer every year in Australia, it’s time-consuming staying up to date. At Grant Thornton we support mid-sized and family businesses across a breadth of service offerings from Family Business Consulting through to Government grant support – working together across our range of specialisms to the benefit of your business. If you are an innovative business with a pipeline of upcoming investment projects, there are likely some grant opportunities out there for you. We can design a dedicated grant strategy, identifying the programs you need to stay competitive and grow. Read on here for a look at our past success.
NSW Future Industries Investment Program – closing 13 January 2023
With NSW heading to a state election in March 2023, the state has released this attractive grant program – applicable to a broad range of industries and no cap on maximum funding requests.
If your business has an immediate project and can make a grant application within this time frame, please contact us to discuss your project.
Aims:
- To increase productivity in the NSW economy and maximising the benefits of investment across NSW.
- To attract and grow innovative, high-growth businesses in priority industries.
- To drive productivity growth in emerging high-value technologies (digital technology, medical technology and the clean economy).
Grant Details
Funding:
$30 million available, 1:1 contributions, with an additional $4.75 million from the Western Sydney Investment Attraction Fund (for project based in Western Parkland City). No cap on maximum funding request.
Timing:
Stage 1 applications now open.
- Eligibility Applications: 8 December 2022 – 13 January 2023.
- Detailed applications: 3 February – 2 March 2023.
Eligible applicants:
To be eligible for the Program, applicants must:
- Be one of the following entities:
- A company incorporated in Australia;
- A company incorporated in another jurisdiction;
- An incorporated trustee on behalf of a trust;
- An incorporated association; or
- A joint (consortia) with a lead organisation.
- Be an entity that:
- Employs at least 20 FTE employees at the time of the application; and
- Has been operating for at least three years.
- Be an Australian Business Number (ABN) registered entity or commit to register for an ABN.
- Be registered for the purposes of GST or commit to register.
- Hold a bank account with an Australian financial institution or commit to open one.
Eligible projects must:
- Commit to creating a minimum of 20 ongoing net new FTE jobs in NSW or invest a minimum $3 million capital expenditure (excluding government funding) within NSW for the project.
- Be in a priority industry, or industry that facilitates the use of core enabling technologies or can demonstrate that it would enable a focus precinct – see below for list.
- Commence within 12 months of Funding Agreement.
- Meet the employment or investment criteria in point one above within two years of the Funding Agreement.
- Be able to contribute a minimum 50 per cent co-contribution of total project cost.
- Demonstrate that the project would not proceed as proposed in NSW without government support.
- Demonstrate that the project will lift NSW industry productivity.
NSW Industry Development Framework
- Priority industries
- Emerging industries – clean energy and waste; defence and aerospace; digital systems and software; medical and life sciences.
- Existing industries – international education; visitor economy; agriculture and agrifood; resources
- Core enabling technologies
- Advanced manufacturing, biotechnology, digital technology including fintech.
- Focus Precincts
- Western Sydney Aerotropolis; Westmead Health and Innovation District; Tech Central; Renewable Energy Zones; Hydrogen Hubs; Special Activation Precincts; Regional Job Precincts.
NSW Innovation Research Acceleration Program – open now, closing 15 Feb 2023
The IRAP program is a $117m investment over four years – focusing on openly accessible research and innovation infrastructure in NSW and is aligned to the 20-Year R&D Roadmap and NSW Industry Development Framework.
This is another highly attractive broad-based grant program, with up to $10 million funding available for eligible projects. If you are investing in new research and innovation infrastructure (facilities, equipment, resources or technical expertise), then read more here.
Grant Details
Sub-program 1: Infrastructure Build Out Program
- Stream 1: Quantum Technologies Funding Stream
- Aim: support shared facilities, equipment and technical expertise and initiatives that would underpin quantum technologies.
- Funding: $500,000 to $10 million requests from a $10 million funding pool.
- Stream 2: General Funding Stream
- Aim: support shared facilities, equipment and technical expertise and initiatives; and support or enable NSW priority industries, technologies or focus precincts.
- Funding: $500,000 to $10 million requests from a $21 million funding pool.
Timing for both: EOIs now open and close 15 Feb 2023. Successful applicants will be invited to a Detailed Application process in April 2023.
Sub-program 2: National Collaborative Research Infrastructure Strategy (NCRIS) Support Program
- Aim: NSW-based research and innovation infrastructure (facilities, equipment, resources and expertise) that will contribute to the following outcomes:
- Increase availability and use of open-access research and innovation infrastructure;
- Increase collaborative R&D and innovation in the NSW innovation community (academia, industry, government, non-gov organisations and students);
- Increase R&D output, translation and other commercial outcomes or contribute to a robust talent pipeline of technical skills and career pathways.
- Funding: $500,000 to $10 million requests from a $21.6 million funding pool in 2022-2023.
- Timing: Applications open now and close 15 Feb 2023.
Additional details on eligible applicants and projects can be found here.
VIC Business Competitiveness Program
With the incumbent Victorian State Government returned, certainty around grant programs for Victorian manufacturers and family manufacturing businesses is increasing. Round 2 of the Business Competitiveness Program is a particularly exciting support mechanism now set to continue.
If you have an upcoming manufacturing project in Victoria, speak to us today.
Aims:
- To assist small and medium sized manufacturers with an existing presence in Victoria expand their manufacturing operations and implement new manufacturing technologies and processes that provide a critical foundation for generating sustainable new local jobs (including high-value jobs).
- To create jobs, increase industry competitiveness, and help strengthen local supply chains in traditional and emerging manufacturing sectors where Victoria has competitive advantages.
Grant Details
Funding:
grants of up to $500,000 (up to 33% of eligible project expenditure) for Victorian based businesses to invest in new manufacturing capability. In-kind contributions are excluded (i.e. non-monetary resources). Funds from other Victorian or Commonwealth Government programs cannot form part of the co-contribution.
Timing:
Round 2 anticipated to open early 2023 (e.g. January 2023)
Eligible applicants:
- Have an operating presence in Victoria;
- Are currently engaged in manufacturing or the manufacturing supply chain; OR
- Demonstrate a genuine commercial connection to the manufacturing supply chain.
- Employ at least 20 FTE* (full-time equivalent) staff or have an annual turnover of greater than $1.5 million;
- Agree to conduct the majority of proposed activities in Victoria.
Eligible projects include:
- Purchase and commissioning of capital equipment
- Manufacturing product and process improvements such as:
- prototyping, evaluation and testing of new products and processes, and
- supply chain capability development.
Assessment criteria:
Your project will be assessed on the need for government support, number of sustainable FTE jobs created, and other benefits, capacity, and capability to successfully implement the project.
Further information based on Round 1 here.
Federal National Reconstruction Fund
The $15bn National Reconstruction Fund (NRF) is the Federal Government’s centrepiece policy for industry development, which seeks to diversify and transform Australian industry and economy, driving sustainable economic growth.
The NRF will target businesses operating in the following industries:
- renewables and low emissions technologies;
- medical science;
- transport;
- value-add in the agriculture, forestry and fisheries sectors;
- value-add in resources;
- defence capability;
- enabling capabilities.
The NRF will be governed by an independent board, making investment decisions with finance options including loans, equity investment and guarantees.
The Government is currently calling for public consultation on the implementation of the NRF and the investment mandate. Public consultation will close on 3 February 2023 – see more information here.
The Grant Thornton Government Grants team will be contributing to the NRF consultation process and we’d like to hear your thoughts on how the NRF can support your business – particularly if you are:
- An innovative, sustainable business with a national impact;
- Operating in a priority industry;
- Open to government support – e.g. from a financial, procedural or reputational perspective to elevate your business.
If you would like to discuss your Government Grant eligibility, please reach out to us and we can include your perspective in our submission.
