The federal government has invested an additional $32 million in SMEs across the defence industry to support innovation and stimulate the economy as part of its response to the COVID-19 crisis.
The Morrison government has announced it will provide SMEs across the defence industry with an additional $32 million over the next two years via the Defence Innovation Hub.
The investment is aimed at providing SMEs with cash flow support to accelerate the development of defence capability, while also forming part of the government’s broader economic response to the COVID-19 crisis.
“COVID-19 has presented our defence industrial base with unprecedented challenges,” Minister for Defence Linda Reynolds said.
“Australian small businesses are a critical part of this sector and we are expanding the funding available to help them develop their technologies and grow their businesses.
“The 2020 Force Structure Plan is strengthening the link between the Defence Industry Capability Plan and industry policy initiatives, bringing together industry, defence and technical experts to support the development of innovative ideas and shape future capability.”
The Defence Innovation Hub, established in 2016, has awarded over $265 million in innovation contracts, 83 per cent of which has been provided to Australian SMEs.
Minister for Defence Industry Melissa Price said investment through the Defence Innovation Hub had generated more than 600 jobs across the economy, with more than 100 Australian SMEs benefiting from the cash flow support.
“This additional funding will support further jobs growth in the sector at a critical time for the nation and our economy,” Minister Price said.
“It will strengthen the ability of our local defence industry to continue developing cutting-edge technologies as they navigate the challenges posed by the COVID-19 pandemic.
“It is further evidence of the Morrison government’s commitment to growing our sovereign capability.”
News Editor – Defence and Security, Momentum Media
Prior to joining the defence and aerospace team in 2020, Charbel was news editor of The Adviser and Mortgage Business, where he covered developments in the banking and financial services sector for three years. Charbel has a keen interest in geopolitics and international relations, graduating from the University of Notre Dame with a double major in politics and journalism. Charbel has also completed internships with The Australian Department of Communications and the Arts and public relations agency Fifty Acres.