In 2014 the Queensland Department of Industry announced the launch of the new 'Industry Skills Fund'. Commencing from 19 January 2015, the $476 million 'Industry Skills Fund' assists Australian businesses to invest in training and support services and to develop innovative training solutions. The fund is helping to build a highly skilled workforce that can take advantage of new business growth opportunities and adapt to rapid technological change.
The goal is for business to be better placed to succeed in a rapidly changing economy.
Businesses and interested parties can access more detailed information here.
Who is the fund aiming to assist?
The Industry Skills Fund is targeting small to medium enterprises, including micro businesses, which are preparing to take up growth opportunities outside of their normal day-to-day business operations. If you are a large business, you are also eligible, but you will be required to make a higher contribution to the costs of training. The fund will also focus on businesses in identified priority industries. If your business isn't in a priority industry, you may still be eligible to apply.
Priority industries
Advanced manufacturing. Food and agribusiness. Medical technologies and pharmaceuticals. Mining equipment, technology and services. Oil, gas and energy resources. Enabling technologies and services – freight and logistics is specifically named under this section.
Who is eligible to apply?
You can apply as an individual business or through a consortium. If your business is not eligible individually, you may still be eligible as a consortium member. For eligibility requirements click here.
Merit criteria
The fund has five merit criteria, which are equally weighted. Applicants need to clearly communicate and demonstrate how their applications meet the following criteria:
1. How they are positioning themselves to take up a growth opportunity. A growth opportunity could occur when the business:
diversifies into new or emerging markets, and/or adopts new or emerging technologies, and/or enters export markets, and/or responds to significant domestic market opportunities, and/or repositions themselves because of market driven structural adjustment.
2. How the productivity gains created from the proposed project will deliver benefits to the Australian economy.
3. How the proposed project will address critical skills gaps or shortages, and allow the business to be more competitive for the identified growth opportunity.
4. The value for money offered by the proposed project.
5. The capability and capacity of the applicant and the training provider to carry out the proposed project.
For more detail and examples please click here.
What will the business need to pay?
If successful in applying for an Industry Skills Fund Training Grant, the amount you will have to co-contribute will depend on how many Full Time Equivalent (FTE) employees you have.
You'll be required to pay the following percentage of the total project cost:
Micro Business (0 – 4 FTE employees) – 25% Small Business (5 – 19 FTE employees) – 34% Medium Business (20 – 199 FTE employees) – 50% Large Business (200+ FTE employees) – 75%
Co-contributions must be in cash. In-kind contributions will not be accepted.
How can I access assistance?
The first step in seeking assistance through the Industry Skills Fund – Growth Stream is to:
call the single business service on 13 28 46. Available 8am – 8pm Australian Eastern Standard Time (AEST) Monday to Friday excluding Australian National Public Holidays. complete a simple online enquiry form (available from 19 January 2015) at http://www.business.gov.au.
Your initial phone call or inquiry form will consist of a series of questions that will determine whether:
you are eligible; you have identified a growth opportunity, and if so, what the opportunity is; your business is in a priority industry; a related skills need has been identified, and if so, what the need is; a training solution has been found, and if so, what the solution is.
Note: You are not required to have identified a skills need or a training solution before you contact the single business service. If this is the case, you may be directed to the Skills Advice service.
