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A Victoria-based engineering firm is one of the latest recipients of funding made out under the Defence Global Competitiveness Grants (DGCG), receiving support from the government to carry out a planned capability expansion.
Hosico Engineering, based in Melbourne's south-east, has been awarded $150,000 in grant funding.
The company said that it plans to direct the money towards a scheduled expansion of its finishing centre, which will improve its capacity to supply thermoplastic and finished components.
Key Defence and government officials hinted that the move will allow the firm to tap into international markets.
Senator for Victoria, David Van, said the funding will help the company to position itself as a future supplier to international defence aerospace companies.
“This funding is all about assisting Hosico Engineering to boost its sales to the international aerospace industry,” Senator Van said.
Minister for Defence Industry Melissa Price said that the program is "part of the Morrison government’s commitment to build a stronger, more sustainable and globally competitive Australian defence industry".
“Companies that export are not only growing our sovereign capability, but we know they also expand and can then employ more people than businesses who don’t look beyond their own backyard," she said.
The DGCG offers grants of between $15,000 and $150,000, covering up to half the cost of investing in projects that build export capability. The maximum grant period is 18 months.
Over the life of the program, more than 26 Australian small businesses have benefited from over $3.4 million in DGCG funding.
Project activities can include:
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