Advanced Manufacturing Fund seen as the right step
This year’s federal Budget has gained the thumbs up from manufacturing peak body Heavy Vehicle Industry Australia (HVIA).
HVIA chief executive Brett Wright highlighted the allocation of $100 million to establish an Advanced Manufacturing Fund.
“The 2017-18 Budget features important incentives for investment in research and manufacturing,” Wright says.
“We welcome announcements encouraging business investment including the extension of depreciation incentives.
“The increase in the turnover threshold to $10 million will benefit many more of our members’ businesses.”
HVIA says it will work to ensure projects to boost innovation, skills and employment in manufacturing benefit the heavy vehicle industry.
“It is important that funding supports existing businesses to innovate and remain competitive in the future,” Wright adds.
“At a time when the passenger vehicle industry is in decline in Australia, the heavy vehicle industry is a vibrant and growing industry, marked by three major truck manufacturing plants and hundreds of innovative body, trailer and equipment manufacturers.
“HVIA is engaging the Government to work with the heavy vehicle industry, to innovate and deliver jobs and growth in manufacturing centres across the country.
“Our industry’s showcase event, the Brisbane Truck Show is fully subscribed, with an unprecedented number of new trucks, trailers, technology, components and equipment being unveiled.
“Our industry is resilient and ambitious, and there is a quiet confidence that customers will be arriving with their cheque books open this year.”
The body notes that continuation of Heavy Vehicle Safety Initiative was confirmed with a further $3.9 million allocated to the National Heavy Vehicle Regulator.
The funding was promised when the current Government abolished the Road Safety Remuneration Tribunal.
“HVIA is pleased to see the Government’s commitment to this program that aligns with our own vision for an innovative and prosperous heavy vehicle industry supporting the safest and most productive fleet,” Wright says.