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AAAA welcomed the funding, signaling renewed confidence in the Australian auto industry
The Australian Automotive Aftermarket Association (AAAA) welcomed passage of the ‘National Reconstruction Fund Corporation Bill 2022.’
The new bill would create a $15 billion Australian Manufacturing Fund, providing $5 billion since its inception.
The fund will specifically target transportation manufacturing and supply chains for auto, rail and shipbuilding.
Many Australian manufacturers of automotive products and technology will benefit by leveraging their skills and knowledge to rebuild Australia’s industrial base.
“We are pleased to see the automotive industry is specifically targeted in this new Fund,” said AAAA Chief Executive Officer, Stuart Charity.
“Australia has an important role to play in the global automotive industry and we believe new technologies for vehicle propulsion will allow our industry to grow and improve significantly on the world stage.
“With many of our members looking to adapt their business for the future, we are pleased to see this commitment demonstrating that the government has a strong focus on the entire automotive supply chain.
“We are preparing new EVs, alternative fuels and modification kits for global platform vehicles.
“We have a vision whereby Australia continues to play an important role in the global automotive market.”
The chairman of the Australian Automotive Products Manufacturers and Exporters Council (APMEC), Arnold Mouw, also welcomed the new Fund.
“The entire automotive manufacturing supply chain is excited about the new technology roadmap,” said Arnold.
If we are to follow and lead the world in automotive and transportation technology, we need to leverage home-grown initiatives and support our industry to envision the future and make the right investments.
The AAAA has long maintained that the Australian Automotive Manufacturing Industry is missing out on targeted manufacturing investments, causing some manufacturers to go overseas to compete on costs.
This is detrimental to domestic innovation and R&D, which are critical for the country to become a world leader in advanced manufacturing.
“We hope that with the passing of this bill, many Auto Manufacturers will be eligible for funding opportunities to expand their business and help establish and maintain self-sufficiency in Australian manufacturing,” Stuart said.
“With the success of similar manufacturing funding models in other countries, AAAA looks forward to engaging with Minister Husic on how best to achieve common goals for the Automotive Manufacturing Industry.”
For more from AAAA, visit www.aaaa.com.au
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