Mako Craft Pty Ltd
401 Portarlington Road
Moolap, Victoria
[check against delivery]
The Australian Government believes in industry policy and believes that the Commonwealth has a role in regional development.
The $24 million Geelong Investment and Innovation Fund is consistent with both these beliefs.
It supports new investment to strengthen the manufacturing base and create sustainable jobs in the Geelong region.
The emphasis is on increasing diversity, boosting innovation capacity and promoting new technologies.
The fund was announced in July 2007 in response to Ford’s planned restructure of its Geelong manufacturing operations in 2010.
It is financed jointly by the Australian Government, the Victorian Government and Ford Motor Company.
The second and final funding round is now open.
Up to $18 million is available for grants of between $250,000 and $5 million, which must be matched at least dollar-for-dollar by the recipient.
The guidelines for this funding round have been amended to permit smaller grants, which will allow more firms to apply and a wider range of proposals to be considered.
Four projects received grants totalling $3.3 million in the first funding round.
The grant recipients are also investing $23.9 million of their own, for a total injection into the local economy of $27.2 million – and nearly 200 new, full time jobs.
The successful companies were:
- Air Radiators Pty Ltd – which designs and manufactures heat-transfer and engine-cooling systems
- Pengala Pty Ltd – which is establishing Australia's largest bulk olive oil storage facility here as part of its drive to make Geelong an olive industry hub
- Challenge Meats – which is expanding its capacity and developing new product lines
- and our host today, Mako Craft Pty Ltd – which manufactures aluminium boats for the pleasure and commercial markets.
Congratulations to all four companies.
I look forward to working closely with the Victorian Government and Ford again to ensure the success of this funding round.
I’m also pleased to announce that Mr David Morgan – a former President of Ford Australia and currently Chancellor of Deakin University – will again chair the advisory panel established to assess applications and recommend projects for funding.
The Australian Government recognises the economic significance of the Geelong region and our obligation to its people.
The Geelong Investment and Innovation Fund is one proof of that.
The $20 million Innovative Regions Centre I will open at Deakin University later today is another.
It is part of our Enterprise Connect initiative, which aims to boost the productivity and innovation capacity of Australian SMEs.
Our aim is to diversify Geelong’s economy by capitalising on the region’s many strengths.
Among the most important of those strengths is an incredibly skilled workforce.
It includes 15,000 people engaged in the creation and dissemination of knowledge, and another 15,000 engaged in manufacturing.
It’s important to remember that those two groups are not mutually exclusive.
The skills, creativity and problem-solving abilities of workers in industries like manufacturing are the bedrock of our innovation system.
We owe it to the workers of Geelong to provide quality job opportunities that make the most of their expertise.
That’s what the Geelong Investment and Innovation Fund is all about.