Issue 0029 "Priority Industries" Are In Vogue
Businesses need to be aware of the ‘priority industries’, which are the main recipients of grants under the four major grant programs introduced by the Abbott government. Priority industries are industries that the government believes enjoy a competitive advantage and are likely to exploit favourable market conditions or have a significant impact on the Australian economy.
- Advanced Manufacturing
- Mining Equipment, Technology and Services
- Oil, Gas and Energy Resources
- Medical Technologies and Pharmaceuticals
- Food and Agribusiness
- Enabling technology and service industries that support one or more of these priority industries, including:
- Freight and Logistics
- Infrastructure Related Construction
- Information and Communication Technology
- Professional Services
There are a large number of individual types of businesses which could be incorporated within these priority industries. For example, Advanced Manufacturing could include:
- Clothing manufacturers – knitted fabric
- Pre-fabricated sheds
- Commercial printing
- Printing services
- Compact disc manufacturing or publishing
- Greeting cards manufacturing
- Wallpaper manufacturing
The four new grants that have been introduced by the Abbott government include:
- Entrepreneurs’ Infrastructure Program
- Business Growth Grant
- Research Connections
- Accelerating Commercialisation
- Industry Skills Fund (which commenced a few weeks ago)
There are variables to each of these grants relative to:
- eligible entity type;
- minimum and maximum turnovers;
- number of years in business;
- type of support that is available; and
- percentage of grant support available from the government.
We believe that accountants should be offering a wider range of services to assist small/medium enterprises to ensure you’re able to avail yourself of these grants. Far too many small/medium enterprises are not aware of grants and, therefore, miss out on them. That can place them at a severe competitive disadvantage in the marketplace. Some of the work assignments an accountant could attend for you under a grant program include:
- Business Plans
- Debtors’ Management Review
- Budgets and Cashflow Forecasts Preparation
- Marketing Reviews
- Corporate Governance Advice
- Continuous Improvement Program
- Risk Management
- Mentoring the Management Team
- Human Resources Systems
- Succession Planning
- Lean/Waste Management Advice
Accountants can assist their clients to identify grants and many of them do this on an ongoing basis, continually analysing government grants as they are announced, to ascertain which clients will benefit from that particular grant. As a preview to the type of services an accountant, utilising services made available by ESS BIZTOOLS and ESS BIZGRANTS, a complimentary copy of our ‘Priority Industries Checklist’ can be downloaded below. If you are interested in any of the work discussed in this article being undertaken and you believe your industry is within one of the ‘priority industries’, we urge you to have a discussion with your accountant. However, if your accountant is unable to provide you with this type of service, please don’t hesitate to send an email to , with your location and postcode, and we will send you an introduction to an accountant whom we know will be able to deliver this service for you. If you have any questions or suggestions on future items to be covered in Survival Hints for Small Business, please don’t hesitate to contact us.
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Episode S029 What are the 'priority industries'?
Podcast Link: COMPLIMENTARY MATERIAL Click on the button below to access the following FREE material:
- Copy of this transcript
- Complimentary copy of the article ‘Priority Industries Checklist’
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