The Australian Government will invest $188.5 million in Industry Growth Centres to pursue global excellence in areas of competitive strength.

A key part of the Government’s Industry Innovation and Competitiveness Agenda, the centres will help industry exploit new global markets and supply chains, invent and commercialise new products and services and generate new jobs.

The Minister for Industry will seek expressions of interest from business-led consortia to establish five nonprofit Industry Growth Centres in the following sectors:

·         food and agribusiness

·         mining equipment, technology and services

·         oil, gas and energy resources

·         medical technologies and pharmaceuticals

·         advanced manufacturing sectors.

Each of the five Centres will receive funding of up to $3.5 million per year. The Centres will be required to establish a plan to become self-sustaining after four years and the Government will look to establish further Centres based on the success of the programme.