Bennelong manufacturer and world leader Cochlear will be investing in a $19.1 million project to advance their manufacturing capability with the support of a $3.25 million grant from the Australian Government’s Manufacturing Transition Programme.
Cochlear Limited will use grant funds to ensure their next generation of implants are made on-shore. The projects will utilise the company’s strong links with local universities, particularly Macquarie University, to ensure their products are at the cutting edge of new developments.
Announcing the investment John Alexander MP said that the programme was part of the Government’s commitment to ensuring a secure future for manufacturing in Australia by focusing on areas of competitive strength.
“This investment will enable successful Australian manufacturers like Cochlear to transition to high-value, knowledge-intensive manufacturing,” John Alexander said.
“Cochlear will be able to invest in more sophisticated and knowledge intensive manufacturing, creating high value jobs in areas where the greatest economic opportunities exist.”
“Bennelong and Macquarie Park are at the cutting edge of technology. It is amazing to think that the world’s most successful and popular implantable hearing devices are made right here in Bennelong, before changing people’s lives across the world.”
Nationwide, over a quarter of a billion dollars will be injected into Australia’s advanced manufacturing, with more than $200 million invested by Australian manufacturers and $50 million from the Government.
This highly competitive programme supports transformation to build Australia’s manufacturing capability for the future.
Of the 79 businesses that applied for funding, 19 received between $1 million and $5 million.
The funded projects will drive investment in new capital equipment and improvements to plant and processes, which will deliver growth that builds on Australia’s competitive advantage.
“This Manufacturing Transition Programme complements a range of other initiatives that together provide the right policy settings to facilitate investment and improve the competitiveness of Australian manufacturing,” Minister for Industry and Science Ian Macfarlane said in support of the programme.
Successful projects were awarded through a highly competitive, merit-based process, and based on advice from an expert technical committee to ensure the projects have a sound commercial basis. Further information on the Manufacturing Transition Programme can be found at www.business.gov.au/MTP.