An investment of $50 million into the Brumby Labor Government’s Industry Transition Fund (ITF), announced as part of the Victorian Industry Manufacturing Statement, will help Victorian businesses adapt to the pressures of the Global Financial Crisis and secure jobs.
Minister for Industry and Trade, Martin Pakula, said the Brumby Labor Government was working with industry to secure jobs now and support Victorian families into the future.
“The Brumby Labor Government is delivering strong leadership in tough global times to secure jobs now and build for the future, with this budget alone securing up to 35,000 Victorian jobs,” Mr Pakula said.
Mr Pakula said the Industry Transition Fund was set up by the Brumby Labor Government to help companies develop new opportunities for growth and development during the challenging global economic climate.
Through the ITF, the Brumby Labor Government provides grants to assist firms to shift to next-generation products, invest in additional plant and equipment, or enable mergers and acquisitions to secure jobs in strategic Victorian industries, such as the automotive sector.
Grants will also assist companies retain critical skills and capabilities in the Victorian economy.
“The Brumby Labor Government’s 2009 State Budget builds on our record of disciplined economic management and lays the building blocks for Victoria to capitalise on the worldwide recovery from the Global Financial Crisis,” Mr Pakula said.
“Our Government is investing responsibly in Victorian business to secure jobs and economic activity to support Victorian families.”
The 2009 State Budget delivers further support for industry as it steps up the Brumby Labor Government’s unprecedented investment in infrastructure.
“Our budget sees the creation of the Transport Infrastructure Manufacturing Scheme,” Mr Pakula said.
“In a partnership between the Victorian Government and industry, the scheme will assist Victorian manufacturers maximise Australian and international transport infrastructure business opportunities.
“In combination with a strengthened and streamlined Victorian Industry Participation Policy, the new scheme will assist more Victorian companies win work on the billions of dollars worth of Brumby Labor Government new infrastructure projects.”
The scheme will also identify and promote contract opportunities for Victorian companies elsewhere in Australia and in overseas markets.
The 2009 State Budget also confirms the $6.7 million commitment made in 2008 for the Victorian Automotive Manufacturing Action Plan (VAMAP), to help secure jobs in Victoria’s vital automotive manufacturing sector, which employs more than 37,000 people in Victoria.
VAMAP, announced last year, will help foster the creation of new business opportunities and investment in new technologies, laying the groundwork for sustained growth into the future and securing the jobs of those in the industry over the long term.
VAMAP programs fall under three main themes: business development; investment; and global market access. The business development program will develop the international competitiveness of companies at all levels of the supply chain.
VAMAP will invest in new technologies including hybrids and alternative fuels, as well as identifying opportunities and facilitating access for Victorian firms into global supply chains.
The 2009 State Budget also provides Victorian industry with a boost through delivering investment in regional freight to help Victorian exporters get their goods to market.
The Brumby Labor Government will provide Victoria’s regional airports with $20 million to improve safety and cater for future growth. The Regional Aviation Fund will support industries that rely on Victoria’s regional airports by ensuring that the airports are better able to meet their demand. It will also support the regional aviation businesses involved in the upgrades.
The Regional Aviation Fund has so far provided funds to upgrade regional airports and aerodromes at strategic locations across Victoria, including the Latrobe Valley, Yarrawonga, Mallacoota, Stawell, Ballarat and Mildura.
The Brumby Labor Government will provide $7.5 million in the 2009 State Budget to upgrade local roads across regional Victoria, through the Local Roads to Market program that provides enhanced linkages for key regional industries including the grain, dairy, livestock, horticultural and timber sectors.
The 2009 State Budget allocates $55.1 million for the ongoing maintenance of Gold and Silver rail freight lines identified in the Regional Rail Freight Review.
The rehabilitation of these lines will be dependent on grain harvests and dialogue with the industry to ensure the funding is spent where it will prove to be the most effective.
The Brumby Labor Government will also invest $750,000 to explore opportunities for the film and television industries, specifically investigating the business case for building additional sound stages at the Docklands Film and Television Studios.
