Australian PM Announces Billion-dollar Boost For Manufacturing

The Australian government has announced a 1.5-billion-Australian-dollar (1.07-billion-U.S.-dollar) investment in manufacturing to accelerate the nation's recovery from the COVID-19 crisis

CANBERRA (APP - UrduPoint / Pakistan Point News - 1st Oct, 2020 ) :The Australian government has announced a 1.5-billion-Australian-dollar (1.07-billion-U.S.-dollar) investment in manufacturing to accelerate the nation's recovery from the COVID-19 crisis.

In a pre-budget speech on Thursday, Australian Prime Minister (PM) Scott Morrison identified space, defense, clean energy and recycling, medical products, food and beverages, resources technology and critical minerals processing as the six sectors that represent the future of manufacturing in Australia.

He announced that the government will spend 1.3 billion Australian Dollars (931.7 million U.S. dollars) over the following years to help manufacturers in those sectors upscale their businesses and integrate into global supply chains.

And 107 million Australian dollars (76.7 million U.S. dollars) will be invested in strengthening supply chains and 52 million Australian dollars (37.

2 million U.S. dollars) will be injected into the government's manufacturing modernization fund.

"The budget will confirm the strong plan we have to recover from the COVID-19 recession and to build our economy for the future. To cushion the blow of the pandemic recession," Morrison told the National Press Club in Canberra.

"To recover what's been lost -- the jobs, the livelihoods, the hours, the incomes, the customers, the clients. But importantly to take new ground by rebuilding our economy for the future."He said that the government would work with industry to develop road maps for each of the six priority manufacturing areas.

Under the scheme, an early focus will be placed on medicines and medical equipment in response to the COVID-19 pandemic.