The Federal Government has given more details of a large funding pool created to help displaced auto-workers find new jobs.

The $155 million ‘Growth Fund’ has been pooled to help create new industries for high growth sectors in South Australia and Victoria.

Both states are facing waves of unemployment after the announced closure of several automotive manufacturing plants and related businesses.

The Growth Fund has been put together with funds from the South Australian and Victorian Governments and contributions from GM Holden and Toyota.

The new details say the Growth Fund now includes:

a $30 million Skills and Training Programme to assist automotive employees to have their skills recognised and provide training for new jobs, while they are still employed;
a $15 million boost to the Automotive Industry Structural Adjustment Programme to provide careers advice and assist automotive employees to secure new jobs;
a $20 million Automotive Diversification Programme to assist automotive supply chain firms capable of diversifying to enter new markets;
a $60 million Next Generation Manufacturing Investment Programme to accelerate private sector investment in high value non-automotive manufacturing sectors in South Australia and Victoria; and
a $30 million Regional Infrastructure Programme to support investment in non- manufacturing opportunities in affected regions.

Federal Industry Minister Ian Macfarlane says there are plenty of place for workers to go, and the $155 million package will help them get there.

“The economic review set up after the announcement of GM Holden’s planned closure in 2017 identified significant growth opportunities,” he said.

“We will continue to work with both the South Australian and Victorian Governments to ensure affected workers have access to the right skills to move into new jobs... in sectors with comparative advantages, like food, wine and agriculture; advanced manufacturing, including the defence sector; health and biomedical products; oil and gas; mining equipment and technology; and service-related sectors.”