Thu, 1 May 2014The Australian government has created a A$155m (£85m) growth fund to generate the jobs of the future for employees and supply-chain businesses in Victoria and South Australia, affected by the closure of local automotive manufacturing operations.

The growth fund is part of the Commonwealth Government’s National Industry Investment and Competitiveness Agenda.

The fund includes:

• A $30m skills and training programme to assist automotive employees to have their skills recognised and provide training for new jobs, while they are still employed;

• A $15m boost to the automotive industry structural adjustment programme to provide careers advice and assist automotive employees to secure new jobs;

• A $20m diversification programme to assist automotive supply chain firms capable of diversifying to enter new markets;

• A $60m next generation manufacturing investment programme to accelerate private sector investment in high value non-automotive manufacturing sectors in Victoria and South Australia; and

• A $30m regional infrastructure programme to support investment in non manufacturing opportunities in affected regions.

The government has increased its contribution from A$60m to A$100m with the remainder provided by state government and company contributions.