Why this is important to Wisconsin businesses: Wisconsin companies with expertise in manufacturing, technology, or agriculture may be able to take advantage of a wider range of connections.
Australia is making a big push to advance manufacturing.
The federal budget, released in May, includes $15 billion AUD ($10 billion USD) for the National Reconstruction Fund (NRF), one of the largest investments in manufacturing in Australia’s history, the government says.
Through loans, equity investments, and partnerships with the private sector, NRF will help finance a wide range of projects within seven priority areas, including renewable energy, medical science, transportation, defense, and agriculture. The goal is to modernize the industrial base and to ensure that “strategic industries have a future made in Australia,” the government says.
Other budget highlights include:
- $4 billion AUD ($2.7 billion USD) for renewable power projects, with half of the allocation going for a new hydrogen production program
- $1 billion AUD ($660 million USD) for biosecurity, to prevent invasive pests and diseases that could hurt agricultural exports and jobs
- $392 million AUD ($260 million USD) for a new Industry Growth Program to help small and midsize businesses and startups to commercialize their concepts and scale up their operations
- $23 million AUD ($15 million USD) to help small businesses strengthen their cybersecurity
- Continuing commitment to a 10-year, $120 billion AUD ($80 billion USD) pipeline infrastructure improvement program
Wisconsin exporters may find opportunities for their products and services in manufacturing, transportation, agriculture, science, and technology, or by partnering with small businesses and startups.
Companies interested in pursuing opportunities in Australia can:
- Review the Federal Budget 2023-24 Overview.
- Refer to the National Water Grid Fund, which provides in-depth detail of the water
infrastructure projects across Australia. - Register to receive Manufacturing Strategy Updates from the Australian Department of Industry, Science, Energy, and Resources.
