The Morrison Government is providing Mossman-based manufacturer CocoNutZ Australia with a grant of $1 million to increase its competitiveness and productivity while also helping support local jobs.
CocoNutZ Australia is an agricultural bio-manufacturing platform diversifying Far North Queensland agriculture through producing a range of condiments using local sugar cane.
The grant is being delivered under round two of the Morrison Government’s Manufacturing Modernisation Fund which is providing grants totaling $55 million to 86 projects around Australia.
The grants are to help small and medium sized manufacturers invest in capital equipment and new technologies, while improving the skills of their workers.
Federal Leichhardt MP Warren Entsch congratulated CocoNutZ Australia and said the grant would help the business create greater efficiencies by transforming and upgrading their manufacturing operations.
“This grant will help CocoNutZ Australia to modernise its business and create new opportunities, including local job opportunities,” Mr Entsch said.
“It reflects well upon the quality of businesses in Far North Queensland as well as providing an example of what others can also achieve.”
Federal Industry, Science and Technology Minister Christian Porter said the grants are a central element of the government’s $1.5 billion Modern Manufacturing Strategy and will help drive growth in the Australian manufacturing sector.
“This new MMF funding round underlines the Government’s commitment to increasing the competitiveness and productivity of Australian manufacturers,” Mr Porter said.
“By encouraging businesses to enhance their operations through investment in cutting-edge technologies we’re also supporting them to create new job opportunities, boost economic growth and build a highly skilled manufacturing workforce.”
Businesses which receive MMF grants are required to match government funding on a three-to-one basis, with government grants funding up to 25 per cent of eligible project expenditure.
The minimum grant amount is $100,000, and the maximum is $1,000,000.
Projects must be completed within two years.
MMF round two was a competitive merit-based grants program, with applications assessed by a committee of independent industry experts.
The six National Manufacturing Priorities of the Strategy are: Resources Technology and Critical Minerals Processing, Food and Beverage, Medical Products, Recycling and Clean Energy, Defence and Space.