If Labor wins the federal election, its proposed Food, Fibre and Advanced Materials Modernisation Grants Program will provide grants of up to $5 million on a matched funding basis for projects designed to improve the efficiency of operations in food, beverage and fibre manufacturing, and for innovation and new technologies including energy efficient capital equipment.
AFGC CEO Gary Dawson said the policy was a welcome measure that would assist companies to generate long-term sustainable growth by boosting the productive capacity of the food and grocery sector, and the broader economy.
“It’s essential that all parties are focused on the fundamentals for continued growth, including creating an environment conducive to higher business investment with reduced red tape and welcoming of international investment,” he said.
“This announcement and the ALP’s commitment to lift FIRB [Foreign Investment Review Board] thresholds on investment in food processing recognises the value of the food and grocery sector as one of the key growth sectors for the future. Value adding to Australia’s high-quality farm produce generates jobs and growth.
“The continued success of food and beverage manufacturing underpins growth throughout the food supply chain, including demand for Australia’s premium agricultural produce.”