Treasurer lauds Berwick business boom

The politicians spoke to staff at the Intrepid Street business before the announcement.

By Rowan Forster

A Berwick military manufacturing plant has been handpicked by Australia’s Treasurer as one of the nation’s leading businesses to exemplify “innovation and advancement”.

Josh Frydenberg was full of praise for Intrepid Street’s Australian Precision Technologies (APT) during a visit to the electorate on Wednesday 14 November, announcing a radical federal government intervention to help small businesses secure loans.

The $2 billion lifeline, which will see the creation of a taxpayer-backed securitisation fund to invest in small businesses, is tailored to businesses like Richard Weinzierl’s APT.

It will give small and medium enterprises access to low-interest loans, freeing up cash for smaller lenders and increasing competition for the big four banks.

Mr Weinzierl, while giving the Treasurer a tour of the state-of-the-art Intrepid Street facility, said the scheme would allow his Berwick business to boom.

“This announcement today will enable APT to grow, to be more efficient, to be more competitive,” he said.

“It will create more jobs, allow us to employ more apprentices, more casual employees – especially engineers – and it will be really great for the local area.”

The company, founded by Mr Weinzierl and Sigi Schindler in 1992, supplied the first submarine launch flare pin to the Australian Defence Industries in 1993.

It has continued to expand, becoming among the top 5 per cent of industry leaders in Australia’s advanced manufacturing precision engineering industry.

In 2014, APT was inducted into the Victorian Manufacturing Hall of Fame.

Mr Frydenberg, while spruiking his draft legislation, said businesses like APT have restored faith in the country’s economy.

“Richard has driven this business and its transformation following the closure of Australia’s car industry,” he said.

“It’s showing the way for so many other businesses across the country.

“(He’s) giving opportunities to young engineers, young quality control people and young people who are focused on new export markets.”

Speaking about the announcement, Mr Frydenberg added:

“As a result of the new fund, we will see small businesses – like APT – have more options to fund their growth strategies.”

“It’s important to understand that the government is not lending directly to small business, but providing funding support to the lenders, which is currently not available.”

CEO of the Council of Small Business of Australia Peter Strong also toured the Berwick facility, lauding the work of Mr Weinzierl and his staff.

“When it comes to financing, I walk my dogs in the local park and there’s a fellow down there who runs a production company.

“Recently, he had to fly to England to get a loan.

“That’s just not on.”

In addition to defence manufacturing, the company also services the security, aerospace, transport and electronic industries.

Mr Frydenberg was flanked by La Trobe MP Jason Wood, said APT’s success reflected that of businesses across the electorate.”What I find fantastic about this area, is we’re very focused on innovation, very focused on advancement,” he said.

“Anyone who says there isn’t advancement and innovation in Australia should come out to Latrobe, and come out to APT.”