The Albanese Government will provide more than $100 million to the red meat and livestock industry for research and development in the 2024-25 financial year, to support industry growth, including for beef, sheep and goat meat.
The world's demand for Australian beef in particular is reaching new heights, with beef supply and prices set for a significant rise.
Australia's cattle industry is already worth more than $12.5 billion, supporting the production of red meat and the trade of our iconic beef with the world.
Minister for Agriculture, Fisheries and Forestry Murray Watt, said the funding will go to Meat and Livestock Australia (MLA), the Australian Meat Processor Corporation and LiveCorp which invest in research and marketing activities for the benefit of the Australian red meat and livestock industry.
"The funding for MLA is part of a broad range of funding, grants and programs across the red meat and livestock sector by the government, aimed at growing the domestic and international markets," Minister Watt said.
"Funding has also been supplied to improve trade opportunities and infill global supply demand.
"On 30 May, China's suspension on exports from five Australian meat processing establishments were lifted with immediate effect, providing some growth to China's imports of Australian beef and veal products in 2024-25.
"Meanwhile as global beef production falls, the demand for Australian beef exports rises. Our preferred access status combined with decreased global production increases the competitiveness of Australian exports.
"And a trade package to the tune of $8.8 million for the sector was also announced in December 2023 to support the ongoing trade of live cattle to Indonesia and Malaysia.
"The Albanese Government is committed to supporting and growing the red meat industry and the jobs it creates, through trade opportunities, investment in sustainability and long-term, consistent biosecurity funding."
