The Australian government has committed a further $81.4 million to a key grant program aimed at growing the sovereign industrial capability of Australia’s defence industry, extending it until 30 June 2025 as part of the 2022-23 Budget. Minister for Defence Industry Melissa Price also unveiled changes to the grant guidelines for the Sovereign Industrial Capability Priority Grant program that would make it a competitive program.
Price said continued funding of the SICP Grant program would help build Australia’s sovereign industrial capacity to support the Australian Defence Force. “The program will allow Australian businesses to continue making crucial investments in our sovereign industrial base by developing a broad range of critical capabilities,” Price said.
Price said the co-contribution ratio and minimum and maximum grant amounts would return to their pre-COVID-19 stimulus levels. “Small to medium Australian businesses will now be able to apply for a grant of up to $1 million with a co-contribution ratio of 50:50,” she said. “This is capped at $3 million in a three-year period per recipient. I have no doubt that this level of support will be welcomed by SMEs and demonstrates our commitment to developing a defence industry capable of building what we need at home when we need it.”
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