ANNOUNCED AS TEMPORARYYes
The Industry Growth Centres Initiative commenced on 4 March 2015. The Initiative aims at spurring growth, competitiveness and productivity through AUD 188.5 million (USD 147.46 million) pool. These funds finance five sector-specific Growth Centres over a tentative four-year period. The sector specific Growth Centres are: Advanced Manufacturing; Food and Agribusiness; Medical Technologies and Pharmaceuticals; Mining Equipment, Technology and Services; and Oil, Gas and Energy Resources. Financial aid is granted both to the Growth Centres and individual companies within these above-specified sectors.
Each Growth Centre will annually receive AUD 3.5 million (USD 2.74 million) for basic activities from a total pool of AUD 54.5 million (USD 42.63 million). Additionally, Growth Centres can access funds through the AUD 63 million (USD 49.28 million) Growth Centres Project Fund for undertaking certain sector-focussed projects. Lastly, Growth Centres will share an AUD 5.9 million (USD 4.62 million) in "sector-informed grants", which will support certain difficulties identified in each of the targeted sectors.
Additionally, companies falling under each of the growth sectors stipulated above are able to access funding from the AUD 60 million (USD 46.94 million) Commercialisation Funding pool. This pool aims at supporting companies' commercialisation activities within these specific sectors.
The Australian authorities notified the World Trade Organization of this subsidy scheme on 28 January 2016 in accordance with Article XVI:1 of the GATT 1994 and Article 25 of the Agreement on Subsidies and Countervailing measures.
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