Recycling and clean energy have been identified as one of six priorities in a new manufacturing roadmap unveiled by the Morrison Government last week.
Around $1.5 billion in new funding will be invested over the next four years in the Modern Manufacturing Strategy to “make Australian manufacturers more competitive, resilient and able to scale-up to take on the world”.
The strategy’s centrepiece is the $1.3 billion Modern Manufacturing Initiative (MMI), which will see strategic investments in projects within six National Manufacturing Priorities reflecting established competitive advantages or emerging areas of priority, including:
- Resources technology and critical minerals processing;
- Food and beverage;
- Medical products;
- Recycling and clean energy;
- Defence; and
Industry will be engaged to co-design tailored road maps for each of the priority sectors to set clear goals over the next two, five, and 10 years, and identify the barriers and opportunities that will guide action and investment.
The strategy will also address the competitiveness of individual manufacturers in the six priority sectors, with a $52.8 million expansion of the Manufacturing Modernisation Fund.
The Waste Management and Resource Recovery Association of Australia (WMRR) said the strategy is a significant step-change for Australia that will set the path for domestic remanufacturing growth.