The Advanced Manufacturing Growth Centre (AMGC) has analysed the completion of its first 10 industry projects together with the release of its 2020 Project Impact Report. The report provides an overview of 78 co-funded manufacturing projects and showcases the economic impact of the first 10 of these commercial opportunities.
The analysis reveals significant jobs and revenue growth to be generated from these initiatives, with a forecast of $1.2 billion additional revenue and the creation of 2,361 new jobs. The return is anticipated from a combined industry and government co-funding pool of $66.8 million.
Of the 10 analysed initiatives, 136 new or upskilled roles have been created, while an additional $56.5 million in revenue was injected into the Australian economy. The revenue creation represents an averaged return on investment of 6:1, based on a co-funding investment of $8.05 million ($2.3 derived from federal funding and the remainder industry).
AMGC Chairman Paul Cooper commended the work of AMGC and its industry partners.
“Australia is blessed with a highly-skilled, adaptable, and enthusiastic manufacturing industry and the COVID-19 crisis has highlighted the vital importance of local manufacturing, not just during a crisis, but for the ability to trade internationally,” he said.
“Australia has considerable untapped manufacturing potential and AMGC’s projects demonstrate the significant jobs and wealth that can be generated from the industry. Manufacturing is an enabler. The industry can deliver vaccines, food or consumer goods and our continued prosperity as a nation relies on the further growth of this capability.” Cooper said.
AMGC was recently awarded a further $30 million co-funding pool to continue its industry building work under the federal government’s Modern Manufacturing Initiative.
AMGC’s portfolio of projects encompasses replica human cadavers produced via additive manufacturing (3D printing) to eyewear from recycled plastic, to a new way to manufacture concrete bridges and the manufacturing of algae for use in the food, pharmaceuticals and agriculture sectors.
Managing Director of AMGC, Dr Jens Goennemann views this milestone as a sampler of the opportunity that exists for Australian manufacturing at large.
“Australian manufacturing is a job multiplier, providing 3.6 additional roles in complementary industries for every direct manufacturing role,” he said.
“Since 2015, AMGC has worked tirelessly alongside the Department of Industry, Innovation, Science, Energy and Resources (DISER) to collaborate with manufacturers, identify best practices and support those wishing to advance. AMGC has cultivated a billion-dollar catalogue of what manufacturing best practice looks like and provides a taste of what could come in the future.”