REGIONAL GROWTH FUND DELIVERS FOR WIDE BAY ECONOMY
A high-tech export-focused manufacturing plant will soon be coming to Maryborough, Queensland, after Rheinmetall Nioa Munitions Pty Ltd received Federal Liberal and Nationals’ Government funding through the Regional Growth Fund.
Wide Bay LNP MP Llew O’Brien said the $28.5 million grant for the projectile forging plant project is great news for the region following a highly competitive assessment process that saw more than 300 applications received from state, territory and local governments, businesses and not-for-profit organisations.
“This project is a game changer for Maryborough and marks the dawn of a new era of export focussed manufacturing in Wide Bay,” Mr O’Brien said.
“The $60 million new investment between the Morrison Government and Rheinmetall Nioa will put Maryborough on the defence industry map. This represents a significant economic boost, potentially adding more than $100 million in economic output, including $36 million within the Wide Bay region alone,” Mr O’Brien said.
“By constructing a modern projectile forging plant, with specialist machines to create large calibre military projectiles, this project will not only introduce a new industry to Australia but give our region access to a global supply chain.”
“It will also boost local employment, creating jobs for young people in the region by offering new skills and career paths and giving a boost to the local manufacturing industry.
“It is estimated that the project will support 78 jobs through the construction phase, including 27 direct construction positions. Once operational, the plant is expected to create 100 direct manufacturing positions that will deliver flow-on economic benefits to Maryborough and Wide Bay.”
Deputy Prime Minister, Nationals’ Leader and Minister for Infrastructure, Transport and Regional Development Michael McCormack said the $272.2 million Regional Growth Fund provides grants of $10 million or more for major transformational projects that create regional jobs and support long-term economic growth.
“The Regional Growth Fund is specifically designed to fund projects that have been carefully assessed as having real potential to generate jobs and economic growth in regional communities across Australia,” Mr McCormack said.
“Successful applications for grants under the fund focus on building on existing strengths, re-invigorating industries and tapping into a region’s business potential.
“By investing $28.5 million in the Wide Bay region, the Regional Growth Fund will create an anticipated 24 direct jobs and support up to 100 ongoing roles once the project is complete, providing a significant source of much needed investment.”
Funding provided under the Regional Growth Fund is part of the Federal Liberal and Nationals’ Government’s $3.7 billion commitment to regional development programs.
Information on the Fund and further funding announcements are available at: http://regional.gov.au/regional/programs/regional-growth-fund.aspx.