The Australian Government has announced a $300 million Forestry Growth Fund to help grow the forestry industry and support delivery of the Timber Fibre Strategy.
The fund supports:
* $150 million in concessional finance to modernise processing across the industry, delivered through the National Reconstruction Fund;
* $150 million in initiatives that strengthen the workforce, improve workplace health and safety, support community well-being and lift productivity, and
* innovation in engineered wood products to increase the supply of value-added materials for housing and construction.
The concessional finance component is now open for applications at Forestry Growth Fund | National Reconstruction Fund Corporation to support the wood product manufacturing sectors to modernise and advance processing capabilities, including new facilities and increase the value of outputs, including wood products used for housing construction. This includes developing competitive timber manufacturing capability in mass timber, engineered wood, and high-value secondary processing and component manufacture.
Building on existing investment
The Forestry Growth Fund builds on the government’s existing investment of almost $300 million in forestry programs.
These investments are part of the A Better Future for our Regions and A Future Grown in Australia policies.
They include initiatives that support long-term planning for Australia’s forestry industry, such as:
* Working with stakeholders to review the 1992 National Forest Policy Statement to ensure it meets contemporary objectives for our future wood and fibre needs; and
* supporting the Strategic Forest and Renewables Material Partnership, including development of the Timber Fibre Strategy.
The government has also reserved $500 million of the $15 billion National Reconstruction Fund for agriculture, fisheries, forestry and food and fibre.
