The Liberal Party is today proposing a $1 billion Bringing Manufacturing Home Fund to encourage businesses to bring facilities and jobs back to Victoria.
Over the past 20 years, more than 50,000 Victorian manufacturing jobs have been lost. A COVID-19 response is urgently needed to create jobs and boost the economy.
With COVID-19 restrictions easing, now is the time for the Andrews Government to urgently act to get Victorians back to work and back in business.
“Victoria has a real opportunity to create thousands of new jobs, attract millions-of-dollars of investment while regenerating our capability to produce critical supplies that we’ve otherwise lost to overseas – and communities like those in Ripon would benefit from this,” said the Member for Ripon, Louise Staley.
“Rebuilding local economies is a vital piece of Victoria’s recovery, and a boost to manufacturing in a region like ours could be a real boost for local jobs. Victorians now need a government focused on delivering a jobs-led and business-led recovery.”
This pandemic has exposed holes in the national supply chain with an overreliance on too few countries to provide essential supplies such as personal protective equipment (PPE).
The Bringing Manufacturing Home Fund would prioritise support for industries of national importance such as PPE manufacture, defence procurement and rare earths processing.
The proposed Fund would provide support for businesses seeking to relocate manufacturing facilities and jobs back to Victoria. It would also support existing Victorian manufacturers to expand, as well as supporting innovation, research and development.
“With Victoria losing more jobs than any other state due to the pandemic, we need an urgent and bold plan to turn this around,” said Ms Staley.
“We need to back local businesses to deliver the jobs and investment that Victoria so desperately needs.”
The Bringing Manufacturing Home Fund adds to a number of polices announced by the Liberal Party to get Victoria back to work and back in business after the economic fallout of COVID-19.