Cochlear boosts NSW medtech manufacturing
The NSW Government’s $250 million Jobs Plus Program will support homegrown MedTech business Cochlear to expand its footprint in NSW, creating more than 170 high-skilled jobs and supporting the development of next-generation hearing implants.
Through the support, the world leader in implantable hearing solutions will expand and modernise its advanced manufacturing facility in Sydney’s Lane Cove, cementing the facility’s critical role in Cochlear’s global manufacturing network for the next ten years.
Premier Dominic Perrottet said the investment in Cochlear would boost high-skilled advanced manufacturing jobs in NSW.
“Cochlear is a fantastic Australian success story and we are proud to support NSW expansion that will enable improvements to the innovation it delivers across the globe,” Mr Perrottet said.
“The company is a prime example of a thriving, R&D driven business, with more than 95 per cent of its revenue coming through its exports to more than 180 countries.
“Choosing to retain and expand here in NSW is a clear signal of our state strength in the MedTech manufacturing industry and I am delighted that the support will enable the company to build the highly-skilled workforce it needs to meet the global demand for its products.”
Minister for Enterprise, Investment and Trade Stuart Ayres said the Jobs Plus Program support, including payroll tax exemptions, would create 175 jobs by 2024.
“This investment will strengthen NSW’s advanced medical technology manufacturing capability and create ongoing positions, to enable a pipeline of skilled workers,” Mr Ayres said.
“NSW businesses make up almost 55 per cent of Australia’s estimated $6.1 billion medical technology industry and we want to support and accelerate the growth of the sector to create jobs through life-enhancing medical innovations.
“This support will also enhance our local research and development capabilities, with Cochlear investing more than $100 million in Australia every year to better understand and treat hearing loss.”
Cochlear CEO and President Dig Howitt said the Jobs Plus Program played a central role in deciding to revitalise its advanced manufacturing capacity at Lane Cove.
“Cochlear was founded more than 40 years ago and our site at Lane Cove was our first global headquarters and manufacturing facility. With Jobs Plus support, the facility that made our first hearing implants will be making our next generation implants 40 years later,” Mr Howitt said.
“Cochlear is part of a thriving medical technology and hearing health ecosystem in NSW that brings significant economic and health benefits to our community. The Jobs Plus Program is backing a sector that will only grow in value over the coming decade.”
The Jobs Plus Program, delivered through Investment NSW, provides eligible companies with support, including payroll tax relief, streamlined planning approval and subsidised training programs, along with the provision of free or subsidised government spaces and accommodation.
Australian businesses that employ 20 or more staff and international companies with at least 80 employees looking to create a minimum of 30 jobs before June 2024 are eligible to apply for Jobs Plus.
To check eligibility and find out more visit https://www.nsw.gov.au/projects/jobs-plus-program