Despite $845 million worth of industry support being cut in the recent budget, there are a number of new programs announced and if we consider the overall grant funding and incentives landscape, there will still be opportunities for business to attract grant funding.
A key example is the creation of the Entrepreneurs Infrastructure Fund (EIF). In line with the government’s ambition to reduce red tape, this appears to be a much larger overarching program consolidating the functions of multiple abolished programs such as Commercialisation Australia and Enterprise Connect.
The EIF program has a $484.2 million allocation and is aimed at driving business competitiveness and economic growth by supporting business improvement and commercialisation. The program is expected to offer both financial and advisory assistance to small and medium enterprises across a wide range of business management and commercialisation activities.
There were numerous other changes to the grant funding landscape, with a clear shift toward refocusing industry support programs to reflect transitional challenges facing the Australian economy and Federal policy agendas. Companies who are undertaking projects aimed at strengthening the overall business environment, building capability, driving innovation, transitioning to new industries and boosting productivity should consider what funds are available prior to commencing new projects.