Posted: 16 February 2015

Priority Industries

12 months ago, we had hardly heard the term “priority industries”. However, the term is very applicable to the Australian government’s newest grant, ‘Industry Skills Fund’. The government has once again elected to show preference to priority industries. These are the 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.

The priority industries include:

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 the priority industries listed

The other grants, which incorporate the ‘priority industries’ concept are:

Business Growth Grant
Research Connections
Accelerating Commercialisation

The challenge for accountants, who wish to offer a wider range of services other than compliance, is understanding how many clients you have within these various ‘priority industries’ and which of your clients might be eligible for these various grants.

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Episode 014 Priority Industries

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