This month the Queensland Government opened applications for grants under their Industry Partnership Program. The program is launched under the Government’s $1.84 billion Queensland Jobs Fund, in a bid to support Queensland’s economic prosperity and resilience.
The program will invest $350 million over four years to enhance industry growth and support job creation across a number of priority industry sectors. Taking a collaborative approach with business, industry and research institutions, the program will seek to enhance industry footprint, strengthen local supply chain capabilities, and increase private sector investment, while encouraging employment opportunities.
The program will provide bespoke assistance packages to specific projects, offering non-financial and financial incentives. Such assistance available may include:
- Financial incentives such as cash reimbursement grants, interest-free or concessional loans.
- Leveraging government assets such as infrastructure and land, and considering rental assistance
- Leveraging government procurement where appropriate by entering into product supply and offtake arrangements.
- Supply chain coordination and assistance, such as business capability development, business and supplier matching.
- Leveraging external co-funding programs to maximise support available to projects and.
- Fiscal incentives such as payroll tax reimbursements and relief from other state fees and charges.
Eligible applicants are those operating within the Queensland Government’s priority industry sectors. These include aerospace, advanced manufacturing, biofutures, biomedical, defence, hydrogen, mining technology and services, resource recovery and space. Applications are open to private and public companies, or partnerships, whose project aligns with objectives of the program.
The program encourages collaborative projects involving local government participation, industry partnerships or regional and industry groups, however; applications are to be submitted by a single legal entity. Importantly, the project must meet the following criteria:
- Be located in Queensland or hold tangible benefits for Queensland.
- Not have already commenced.
- Have a minimum total project cost of $200,000 of either operational or capital costs; and
- Be in a position where proceeding at this time without assistance is unlikely.
The Program has a three stage assessment process, commencing with a Registration of Interest that must be accompanied by 3 years of financial statements and will be assessed for eligibility. Successful applications will be assigned a Client Manager to review the project against program objectives prior to advancing the application into the Detailed Application stage.
For further information about the Queensland Jobs Fund Industry Partnership Program, please visit the Queensland Government website:
For assistance in determining your eligibility, positioning a Registration of Interest and support to submit a compelling application, please contact your usual Mazars Advisor or alternatively, our financial advisory specialist Angela Winton via the form below.
Author: Holly Willmore
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