Advanced Manufacturing Growth Centre forecasts billion dollar return

| December 18, 2020

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.

Analysis of the 78 projects 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, a total of 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).

Speaking of the milestone, 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.

“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.

Established as part of the Federal Government’s Industry Growth Centres initiative, AMGC is tasked with transforming and scaling Australian manufacturing into a globally competitive and thriving industry with advanced capabilities at its core.

Australian manufacturers cannot do it alone. Raising the nation’s manufacturing profile requires long-term investment from government and private sources. Multiple micro-investments matched dollar-for-dollar by industry participants allows Australia’s largely SME-based manufacturing companies to scale. Investment delivers the necessary cash flow to up-skill the existing workforce, hire new employees, advance much-needed technology, and deliver commercially successful, high-value products to domestic and international markets.

To meet this national challenge, 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, AMGC’s projects are underpinned by strong industry and research partners, with collaboration at the centre of their success. These projects serve as a guiding light to AMGC’s 2,600+ membership base, the broader industry, and state and federal governments.

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. State-of-the-art manufacturing creates roles that reach way beyond production. It employs designers, engineers, logistics managers, sales, marketing and support staff in addition to the equally important physical act of production.”

“Australia has the manufacturing fundamentals in place. Now is the time to encourage more adoption of advanced technology and practices, drive change and take the formative steps to move Australia from being the lucky country to becoming the smart country – with manufacturing being our single most promising capability to do so.”