Our 2019-20 State Budget is about maintaining the momentum and investing for growth, and growing our advanced manufacturing and defence industry is an important part of this effort.
Tasmania’s advanced manufacturing sector is making major inroads around the globe and lining up millions of dollars in potential supply contracts.
The Tasmanian manufacturing sector currently employs some 15,000 people, and in 2017-18 contributed some $1.87 billion to our economy, up 6.5 per cent on the previous year.
Together the programs under our Advanced Manufacturing Action Plan have assisted more than 70 individual commercial projects and have achieved full uptake over their life.
Importantly, a new Accelerating Trade grant program will replace the Markets Expansion Program which will close this year, streamlining our investment in local business expansion.
The businesses supported under our Advanced Manufacturing Action Plan have already seen a net increase in annual turnover of almost $42 million, as well as the creation of more than 260 local jobs over the last four years.
We are also already well on the way to meeting and surpassing our targets of attracting an additional $50 million in defence investment and trade into Tasmania and $20 million of supply opportunities in defence and national security thanks to the Morrison Liberal Government’s $30 million commitment for a new Defence Innovation and Design Precinct in Launceston.
Through our investment we have also taken Tasmanian delegations to some of the world’s biggest advanced manufacturing and defence gatherings including the Eurosatory Trade Show in Paris in June 2018 and Euronaval in October, Landforces in Adelaide last September, and Sea Air Space in Washington in April.
We will also take a delegation of Tasmanian businesses to the massive Pacific 2019 maritime defence expo in Sydney this October.
Through these investments we remain committed to our advanced manufacturing sector, as well as helping Tasmanian businesses take a greater share of defence supply contracts and continuing to boost our economy and support local jobs.