$24m fund to support Tasmanian business growth

A new funding programme announced today will help secure the sustainable business growth and job opportunities needed to strengthen Tasmania’s economy.

Minister for Industry, Innovation and Science Christopher Pyne urged all industry sectors to apply for the $24 million Tasmania Jobs and Investment Fund.

“This Fund will assist Tasmanian businesses to innovate and expand during this time of structural changes in the State’s economy,” Mr Pyne said.

The funding will assist businesses to modernise, invest in technology and explore new avenues of competitive advantage to secure their sustainable growth into the future.”

Premier Will Hodgman said the Tasmanian Government’s number one priority was jobs and by partnering with the Federal Government to establish the new Fund, private investment would be leveraged to create jobs and help grow the economy.

“The Tasmanian Government will invest an additional $8 million, on top of the $16 million from the Federal Government, money which was formerly allocated to Cadbury,” Mr Hodgman said.

“The Fund will support private investment on a $2 to $1 basis, and could leverage up to $72 million in job creating projects for Tasmania.

“The Fund will be open to applications from all industry areas, but we expect strong interest from the tourism, agriculture and aquaculture, and advanced manufacturing sectors.”

“The joint State and Commonwealth contribution to the Fund is evidence of the strong commitment across governments to encourage economic and job growth in Tasmania,” Mr Pyne said.

Mr Pyne said the fund would support applicants to co-invest in capital projects, such as purchasing new equipment or infrastructure projects. The fund would contribute one dollar for every two invested by the business, with a minimum grant amount of $50,000.

“We recognise the importance of continuing to work with Tasmanian communities to secure the necessary economic infrastructure to foster innovation and entrepreneurship,” Mr Pyne said.

“This Jobs and Investment Fund is an important addition to existing measures supporting growth in Tasmania.

“We’re building on the $106 million already invested under the government’s Economic Growth Plan for Tasmania. Under this plan, a $13 million Innovation and Investment Fund is expected to generated over 400 jobs and deliver $27 million in matching investment by local businesses.

“This announcement also complements the Tasmanian Major Projects Approval Agency’s work to encourage investment in major projects by helping investors to identify what Commonwealth approvals are required early in the process.”

Applications to the Tasmania Jobs and Investment Fund will be assessed on merit by a panel of representatives from the Australian and Tasmanian Government and the Tasmanian business sector.

Applications close on 12 February 2016.

For more information visit www.business.gov.au/TJIF call on 13 28 46 or email [email protected]