The Victorian government has created a $120 million Victorian Industry Fund to promote sovereign advanced manufacturing capability and strengthen supply chains.
The fund takes over from the previous industry fund that is in its final year of operation.
The fund includes $20 million for an equity investment pilot fund to attract companies that “align with Victoria’s strengths” such as medical technology.
Another $40 million has been allocated to attract international investment.
The fund will also underwrite a low carbon manufacturing program to support Victorian manufacturers to compete globally for renewable energy components.
The fund is also to be used to develop digital manufacturing with $4.5 million to funds internships.
The state government is also supporting defence manufacturing with $4.1 million to be allocated to the Defence Science Institute’s research and development program and a defence manufacturing internship program.