In October 2020, the Australian Government assigned 1.3 billion dollars of funding to the Modern Manufacturing Initiative to help unlock private sector investment across three targeted streams. Below we outline a brief explanation of the MMI and its different streams, as well as exciting grant opportunities now available under the initiative. Interested in more information about this opportunity? Get in touch with the Noah Connect team, to discuss your business’s eligibility today.
What is the Modern Manufacturing Initiative (MMI)?
Briefly, the MMI aims to help Australian manufacturers create jobs, scale-up, compete internationally by providing co‑investment through three targeted streams:
- Manufacturing Collaboration Stream (provides funding for very large projects that support business-to-business and business-to-research collaboration, to build economies of scale)
- Manufacturing Translation Stream (helps manufacturers translate good ideas into commercial outcomes)
- Manufacturing Integration Stream (helps manufacturers integrate into local and international supply chains and markets)
National Manufacturing Priorities
All of these streams are designed for manufacturing projects that have broad sectoral benefits across six National Manufacturing Priorities, these include:
- Space – Currently open for applications. Applications close 22 March 2021 5PM AEDT
- Medical Products – Currently open for applications. Applications close 29 March 2021 5PM AEDT
- Resources Technology and Critical Minerals Processing – Currently open for applications. Applications close 1 April 2021 5PM AEDT
- Food and Beverage – Applications will open for this sector in the coming weeks.
- Recycling and Clean Energy – Applications will open for this sector in the coming weeks.
- Defence – Applications will open for this sector in the coming weeks.
As you can see, the first round of MMI is already open, with space and medical products the first national manufacturing priorities to receive funding. Commonwealth funding can provide up to 50% of eligible project costs across all funding streams, with a minimum grant amount of $1 million and a maximum grant amount of $20 million. It’s expected that the average grant size will be about $4 million.
For the MMI’s ‘Translation and Integration Stream’, an initial combined total of approximately $140 million is available from 2020-21 to 2023-24 across all the National Manufacturing Priorities. Specifically, for the 2020-21 financial year – $40 million is available to support grant opportunities across all the National Manufacturing Priorities. It’s also anticipated that there will be $40 million in 2021-22, $40 million in 2022-23 and $20 million in 2023-24 available.
As you can see grant opportunities abound in the coming years for manufacturers within the R&D sector, and the opportunities are starting now! If you’d like more information on the process of R&D grant applications, please check out our blog ‘6 Musts For Grant Success In 2021‘. Alternatively, get in touch with our NOAH team of dedicated experts, we’re ready to help unleash your potential.