Australia’s government will invest A$150 million across five funding streams to modernize the forestry industry, support regional jobs and increase domestic fibre supply, according to a government announcement on Thursday.
Up to A$85 million will be available for large-scale grants supporting modern wood-product processing and value-adding projects. A further A$30 million will fund innovation aimed at improving efficiency and productivity across the forestry supply chain.
The government will provide up to A$15 million for workforce development, including forestry career pathways and workplace improvements, and another A$15 million for plantation establishment to increase domestic forest resources for manufacturing and construction.
A further A$5 million will be used to develop and use tools supporting compliance with Australia’s illegal logging laws and reducing the risk of illegally logged or conflict timber entering supply chains.
The measures are part of the A$300 million Forestry Growth Fund and support the Timber Fibre Strategy. The fund also includes A$150 million in concessional finance for advanced manufacturing investments by wood-product processors, including mills and manufacturers.
Applications for the concessional finance are open through the National Reconstruction Fund Corporation. Development of the new grants is underway, with the first opportunities expected to open in the coming months.
The government said the new measures bring total forestry funding to A$600 million.