The Department of Defence has announced $32 million in new contracts through the Defence Innovation Hub – but hasn’t listed the recipients.
This investment will increase cash flow to Australian SMEs that are developing innovations with the potential to enhance Defence capability, says Minister for Defence, Senator Linda Reynolds CSC.
“The 2020 Force Structure Plan is strengthening the link between the Defence Industry Capability Plan and industry policy initiatives, bringing together industry, Defence and technical experts to support the development of innovative ideas and shape future capability,” she said
Since 2016, the Defence Innovation Hub has awarded more than $265 million in innovation contracts, with more than 83 per cent of this investment going to Australian small and medium-sized businesses.
More than 100 Australian small and medium sized businesses have benefited from Hub funding, growing their businesses, attracting new investment and customers, and employing new staff.
Minister for Defence Industry Melissa Price said, “This additional funding will … strengthen the ability of our local defence industry to continue developing cutting-edge technologies as they navigate the challenges posed by the COVID-19 pandemic.