The Advanced Manufacturing Growth Centre’s (AMGC) 2022 Project Report closes out 31 co-funded manufacturing projects from a pool of 141 projects, delivering an average return on investment of 168 per cent while creating or upskilling 430 new roles.
AMGC’s co-invested manufacturing projects are forecast to create a total of 4288 Australian jobs and generate ~$1.62 billion in additional revenue for the Australian economy from a co-funded investment of $137.2 million, the centre said. The returns are reflective of a combined industry and government co-funded pool of $137.2 million in cash and in-kind.
AMGC managing director Dr Jens Goennemann said the program’s success was proof of the manufacturing industry’s readiness to invest, advance, scale, and export if highly targeted assistance is afforded to those who wish to commercialise and scale.
Its 2022 report provides an overview of the organisation’s 141 co-invested manufacturing projects, showcasing the economic contribution from its first 31 completed projects.
Of the completed projects, a total of 430 new or upskilled roles have been created while an additional $188 million in revenue was injected into the Australian economy via domestic and export sales.
Goennemann said, “AMGC knows what works, where opportunities exist, and how we can generate returns from our highly targeted co-investments.
“We can manufacture amazing things in Australia, provided we focus on being better, not cheaper, that we add value to our abundant natural resources, and we embrace advanced practices and processes – our 2022 Projects Report is proof that we can do so much better than Australia’s current ranking of 91st in global complexity rankings.”
The revenue creation represents an average return on investment of 9:1, based on a co-funding investment of $20.26 million ($7.15 million derived from federal funding and the remainder from industry in cash and in-kind).
Federal Minister for Industry and Science Ed Husic said, “Since its inception, the Advanced Manufacturing Growth Centre’s contribution to Australia’s innovation landscape has been immense.
“Crucially, it has a focus on funding innovative projects that have the potential to make Australia’s manufacturing industry more productive and competitive but might be in areas where companies may not have the capacity or expertise to tackle the task on their own.”
The range of projects demonstrates the depth and breadth of manufacturing talent, with projects addressing local and global needs in the areas of: value add to resources, agriculture, forestry, and fisheries; transport; medical sciences; renewables and low emissions technology; defence; space; and enabling technology – such as AI and robotics.
AMGC’s projects are underpinned by strong industry and research partners, with collaboration at the centre of their success. These projects serve as a guiding light to AMGC’s 4,000+ membership base, the broader industry, and state and federal governments.
Download a copy of AMGC’s 2022 Project Report.
