Media Release: $24 M GEELONG INVESTMENT FUND OPENS FOR BUSINESS

FROM THE MINISTER FOR REGIONAL AND RURAL DEVELOPMENT

DATE: Tuesday, September 4, 2007

$24 M GEELONG INVESTMENT FUND OPENS FOR BUSINESS

The Hon Ian Macfarlane MP	The Hon Jacinta Allan MLA
Minister for Industry, Tourism and Resources	Minister for Regional and Rural Development Minister for Skills and Workforce Participation
4 September 2007

Australian Industry Minister, Ian Macfarlane, and Victorian Regional and Rural Development Minister, Jacinta Allan, today called for applications for the first round of the $24 million Geelong Investment and Innovation Fund (GIIF).

"Today marks the commencement of a unique collaboration involving the Australian and Victorian Governments, as well as Ford Australia, to boost new private investment and long-term job growth in the Geelong region," Mr Macfarlane said at the launch in Geelong this morning.

"Geelong is renowned for its economic strength and breadth of business activity. This diversity and innovative ability will ensure the region maintains its vigour following the closure of the Ford engine plant in 2010.

"Opportunities exist for increased investment in existing industries, including aerospace, tourism, aquaculture, metals and textiles."

Victorian Regional and Rural Development Minister Jacinta Allan said Geelong enjoyed considerable advantages for anyone seeking somewhere to do business.

"It has a multi-skilled work force of more than 180,000 people and boasts comprehensive infrastructure, including connections to the world via major air and sea port facilities and to the rest of Australia by rail," Ms Allan said.

"In addition, the Geelong City Council has been actively pursuing economic development for the region. The GIIF will be a valuable catalyst for significant additional investment that will lead to the creation of new direct full-time jobs as well as those that are generated through a multiplier effect.”

The GIIF fund consists of contributions of $15 million from the Australian Government, $6 million from the Victorian Government and $3 million from Ford. It will operate from 2007-08 through to 2009-10, with $8 million made available through the first round.

To be eligible for GIIF funding, project proposals will need to demonstrate capital costs of at least $1 million. Funding will be available for up to 50 per cent of the projected eligible capital costs and the maximum available grant will be $5 million.

Funding will be directed at sustainable job creation, rather than community-based projects and will not be provided for projects which fail to demonstrate a sustained increase in economic activity in Australia or which involve a relocation of activity to the Geelong region from within Victoria or from other States and Territories.

Applications will be considered by a three person GIIF Advisory Panel, chaired by Deakin University Chancellor and former Ford President David Morgan, which will make recommendations for funding to the relevant Australian and Victorian Ministers and Ford.

More information is available from the Invest Australia website www.investaustralia.gov.au and further enquiries can be made via email to GIIF@investaustralia.gov.au or by ringing Invest Australia's Melbourne office on 03 9268 7533.

Applications for the first round of GIIF close at 5.30 pm AEDT on Tuesday, 30 October 2007.