Funding and payments

Funding and payments

Last updated 7 July 2020
Last updated 7 July 2020

Funding allocation

There is a total of $16 million of funding available for all projects through to the end of 2021/22 financial year. We anticipate the bulk of the funding to be allocated in 2020/21 financial year.

Transitional ITOs and WDCs are required to provide an estimate of costs for each phase of the project in their application. While there is no set cost range per project, the amount of funding allocated will depend on the size of the project and its realistic costs.

When completing your application, if possible please provide estimate costings for all three phases (even if you are not applying for all three phases immediately), as this information may help inform our allocation process.  You will not be held to these estimates for further phases if you later determine more or less funding is required.

You, industry and others may also contribute towards costs and in-kind expenses.

Payments

Payments are milestone-based, with the number and type being dependent on the length and activities of the project. The TEC will work with Transitional ITOs/WDCs to agree on these based on the information in the application form prior to providing the funding agreement.

Funding recovery

Funding must be used for the activities agreed on in the funding agreement.

If the funded organisation(s) receive funding that was greater than it should have been, or that they were not entitled to receive, we will recover the extra funding.

This may include where the funded organisation:

  • uses less funding than the amount paid for the activities
  • uses funding for activities not agreed in the funding agreement
  • is not compliant with the terms and conditions in the funding agreement.