The Commonwealth Government will work with the Tasmanian Government to boost Tasmanian’s productivity and economy through a new jobs and investment fund.
To support the fund, the Commonwealth will invest the $16 million committed at the 2013 election to the Cadbury factory upgrade at Claremont. Subsequently, Cadbury withdrew its request for the funding.
The Tasmanian Government will also contribute $8 million to the new jobs and investment fund.
The jobs and investment fund will provide grants for private sector projects that generate jobs and investment in Tasmania.
The fund will support sectors such as advanced manufacturing, tourism and agriculture to innovate and grow.
Eligible projects will need to attract at least $2 in private sector funding for every $1 provided by the Commonwealth and State Governments.
This means that the fund will potentially attract up to $72 million in public and private funding.
Grant applications for the fund will commence before the end of the year.
The $16 million committed to Cadbury will remain in Tasmania and will be invested in projects that deliver jobs and productivity growth to the State.
The Commonwealth Government is committed to delivering a stronger economy with more jobs for Tasmania.
The Commonwealth Government has worked closely with the Tasmanian Government to build a stronger economy in Tasmania, and our economic plan is working.
We have already committed more than $200 million to expand the Tasmanian Freight Equalisation Scheme, $60 million to Tasmanian irrigation schemes, and $1 billion in Tasmanian infrastructure, including $400 million for the Midland Highway, $38 million for the Hobart airport runway extension and $26 million for the Brooker Highway.
This announcement follows recent meetings of the Joint Commonwealth and Tasmanian Economic Council, which discussed the importance of advanced manufacturing, agriculture, jobs growth and investment to the economic and productive potential of the Tasmanian economy.
5 September 2015