The 2022-23 Federal Budget provides funding to support the Government's pro-free trade agenda, makes Australian exports more globally competitive, improves access to global supply chains and backs Australian businesses and jobs.
China and Beyond (a division of Asia and Beyond ) summarized international trade and investment-related budgets and initiatives from the 2022-2023 budgets as follows:
Grant: $100 million to expand the Export Market Development Grants (EMDG) program;
Marketing: $12 million to sponsor large agriculture trade events that promote export-focused agricultural goods and services;
Labours and skills: A further $2.8 billion to support Australian apprenticeships, and small businesses will receive a bonus of 20 per cent deduction for the cost of external training courses from now until 30 June 2024;
Investment attraction: $19.5 million over two years to continue to attract global business investment and talented individuals into Australia by extending the Global Business and Talent Attraction Taskforce, to be renamed the Global Australia Taskforce;
Trade system: Enhancing the Simplified Trade System with a further $267.1m to lay the foundations for a world-class cross-border trade system for Australia;
Support to regions: $7.1 billion for “transformative infrastructure projects” in the Northern Territory, north and central Queensland, the Pilbara and the Hunter region in NSW
Support to industries:
$200 million over five years for the Critical Minerals Accelerator Initiative to support early to mid-stage projects to overcome market barriers;
Extending the 'patent box' regime to cover certain low emissions technologies and activities in the agricultural sectors;
$146.5 million to support the tourism industry, including $75.5 million in targeted support for travel agents and tour arrangement service providers to continue to operate and rebook travel credits through a third and final round of the Consumer Travel Support Program.
The most direct financial support is the Export Market, Development Grant. which supports exporters to promote products and brands, register trademarks, appoint local representatives,etc. in the overseas markets. Contact us today to leverage the grant to speed up your export to China, India, Singapore, Japan, and Vietnam.
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