The Government will establish a $10 billion Clean Energy Finance Corporation Fund through legislation announced as part of the carbon tax package that will be put before Parliament in May 2012. A review panel has been appointed to design the fund and set out the process for its investments in renewable energy, low emissions and energy efficiency technology.   The corporation is expected to commence operating next year.

The recently released annual national report of the Australian VET system revealed there were 1.8 million VET students in 2010-that's an increase of 5.4 per cent on the previous year under the Government's $11.1 billion investment in vocational education and training scheme. Between 2007 and 2009, the report shows the number of VET students completing their qualifications increased by 23 per cent from 321,000 to 394,000.  In addition to the $1.4 billion already provided to the states and territories each year, the Commonwealth Government has committed $1.75 billion over five years to overhaul the national training system under a proposal going to the Council of Australia next month.

The Government has announced that on 30 June 2012, the Renewable Energy Bonus Scheme will close. The Government has paid over $320 million under the Renewable Energy Bonus Scheme to help more than 250,000 Australian households replace older, more carbon polluting hot water systems with renewable, climate-friendly alternatives. To be eligible for the rebate before the scheme closes, systems must be installed, ordered (and a deposit paid) or purchased on or before 28 February 2012.  Applications lodged up to 30 June 2012 will continue to be processed. Applications received after 30 June 2012 will not be eligible.

 

The Government today announced details of the long awaited Clean Technology Investment Program. The CITP will provide $1 billion in funding for manufacturers to improve energy efficiency and reduce pollution and also help manufacturers buy new plant and equipment which cuts their energy costs or reduces carbon pollution.

Eligible manufacturers can apply for funding under the programs from today.

The latest round of Inspiring Australia : Unlocking Australia's Potential grant will provide $5 million available across three categories for projects to be delivered between 2012 and 2014. It is intended to fund a collection of projects that provide a good mix of activities with a variety of approaches, audiences, locations and topics.  This grant will provide money to museums, universities, industry, local government, community and other organisations for activities that increase knowledge of science, and the benefits that science brings to everyday life in the community. Priority will be given to areas not previously funded by the Inspiring Australia initiative.

The round is open for applications from 16 January to 29 February (4pm AEDST) 2012.

The 15th Cooperative Research Centres (CRC) funding round for 2012 will focus on clean manufacturing, social innovation and sustainable regional communities which are seen to represent significant challenges for our nation and are vital to our economic and social prosperity.

The Government announced the introduction of the Industry Transformation Research Program today.  This new $249 million package is designed to help Australian industries become more competitive and create new job opportunities by providing 1000 cadetships, research training centres and research hubs.

Eligible companies will be able to apply for $164 million in competitiveness assistance advances under the Australian Government's Steel Transformation Plan (STP) from today, despite the best efforts of the Coalition to block this assistance.  The Steel Transformation Plan comes into effect following Royal Assent to the Clean Energy Bills and the Steel Transformation Plan Bill.

Up to $100 million will be invested in new, innovative companies as part of the Australian Government's Innovation Investment Fund (IIF).   The final tranche of IIF Round three of $100 million will lead to $200 million of venture capital for early-stage which reduces the financial risk to larger venture capital funds with the capacity to make significant longer-term investments.

From today Australian entrepreneurs will not have to repay Early Stage Commercialisation grants for businesses developing a new product, process, or service. Additionally, the annual turnover limit for applicants will rise from $20 million to $50 million and access to skilled managers now have the option to apply for an Experienced Executives grant of up to $350,000 - previously $200,000.