Australia Announces AU$150 Million Investment in Forest Sector Growth
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$150 million boost to help Australia's forestry industry grow
$150 million boost to help Australia's forestry industry grow
On September 3, Australia announced AU$150 million (US$108.3 million) in new grants and initiatives through the Forestry Growth Fund to support the country’s forestry sector.
The funding will be delivered across five streams, including:
- Up to $85 million for modern wood product processing, value-added manufacturing, and other large-scale projects.
- Up to $30 million for innovation aimed at improving efficiency and productivity across the forestry supply chain.
- Up to $15 million for workforce development.
- Up to $15 million will support plantation establishment to increase domestic forest resources for manufacturing and construction.
- AU$5 million will support tools for compliance with Australia’s illegal logging laws and efforts to reduce illegally logged or conflict timber entering supply chains.
The government said the investments are intended to modernize the forest industry, strengthen domestic fiber supply and manufacturing capacity, support regional jobs, and increase production of high-value products for housing and construction. The initiatives were developed following consultation with the forestry industry, unions, communities, and state and territory governments.
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