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The Prime Minister has pledged to invest in enhancing Australia’s resilience to supply chain shocks amid continued global uncertainty.
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Prime Minister Scott Morrison has announced $15 million would be invested in the development of a new monitoring support mechanism, designed to enable forecasting of upcoming shocks to the supply chain.
This includes $4 million to the CSIRO’s Transport Network Strategic Investment Tool (TraNSIT), for modelling critical domestic transport supply chains.
As part of the plan, Australia’s chief scientist would also be tasked with developing a Strategic National Plan for Semiconductors, in a bid to support current and future supply.
Further, over $27 million would be invested in 18 projects under round two of the expanded Supply Chain Resilience Initiative.
These include projects aimed at enabling the local manufacture of semiconductors.
“Securing our supply chains is a fundamental part of keeping Australia stronger and more secure,” Prime Minister Morrison said.
“The strength of our supply chains matter because they affect every single part of our economy.
“We make things in Australia, and we make them well – our supply chains are the backbone of our manufacturing industry and that’s why my government will always invest in strengthening them.”
Minister for Industry, Energy and Emissions Reduction Angus Taylor stressed the importance of reducing supply chain vulnerabilities amid growing uncertainty in the global environment.
“The world has become a more uncertain, less stable place – our geopolitical landscape is rapidly evolving,” Minister Taylor said.
“The COVID-19 pandemic, war in Ukraine and managing rising trade tensions with China have showed us the importance of our supply chains and having manufacturing capability here at home.
“Our investments not only shore up our supply chain resilience, but they also build our resilience to future shocks.”
These latest commitments build on the broader $324 million investment in the Supply Chain Resilience Initiative.
[Related: Government earmarks $1bn for Garden Island ]
