The Australian government is offering industry assistance to small and medium-sized businesses from the defence and shipbuilding sector under its Industry Facilitation and Support Program (IFSP). The government of Western Australia has announced the ninth round of the IFSP which offers $30,000 in matched funding. The purpose of the funds is to improve the competitiveness of the companies and allowing them to engage in major naval projects recently announced by the Australian Government.
Commerce Minister Michael Mischin said the dollar-for-dollar industry assistance program enabled Western Australian-based small and medium-sized businesses to prepare for potential involvement in aspects of the defence market and supply chains that relate to the Australian Government’s $89 billion naval build and maintenance program.
“Since the IFSP was introduced in 2011 to support involvement in supply to resource projects, the State Government has committed $4 million to 241 small-to-medium sized enterprises, resulting in more than $289 million in contract awards,” Mr Mischin said.
Regional Development Minister Terry Redman said he was pleased to see the program extend into the defence and shipbuilding industries thanks to a $130,000 investment from the State Government’s Royalties for Regions program.
“This investment will enable small-to-medium sized enterprises State-wide to better position themselves to target a share of the upcoming multibillion-dollar naval shipbuilding projects,” Mr Redman said.
The AU$89 billion, 20-year naval construction programme is set to create the strongest naval force Australia has ever had. Approximately $50 billion will be invested in the new fleet of submarines. A new fleet of frigates is expected to cost $20 billion while Offshore Patrol vessels (OPVs) or Corvettes will cost $19 billion.