This year's MYEFO builds on actions taken by the Australian Government to drive agriculture's resilience, competitiveness, and growth in support of industry's target of $100 billion in farmgate value by 2030.
Minister for Agriculture, and Northern Australia David Littleproud said over $300 million over 4 years was a significant investment in the priority areas to get Australians back into jobs, build resilience in the agricultural sector and revitalise the regions. Highlights include:
- $100 million to support our exports and grow our markets
- $84 million to further modernise and simplify our biosecurity system
- $48 million to expand our Innovation Hubs and forestry industry research capability.
"Agriculture is playing a critical role in our nation's economic recovery," Minister Littleproud said.
"Our additional $13.2 million investment to extend the Agri-Business Expansion Initiative will keep our exporters on track to maximise their market access opportunities."
"Agricultural production is on target to top an incredible $78 billion in 2021-22, a record for the industry.
"Our investment will drive the competitiveness, growth and resilience of the agriculture industry. It will deliver the tools required for producers to reach their goals.
"We are providing certainty for the future of the Regional Investment Corporation (RIC) by extending its loan funding for a further three years from 2023-24.
"We are also extending eligibility for the RIC AgriStarter loan product, which assists farmers with getting into first time farm ownership, to farmers currently share farming or leasing land."
"This package is about supporting industry resilience and productivity, boosting innovation, and enhancing diversification, said Minister Littleproud.
"Thinking outside the square, we are also investing $8.5 million to expand our existing export system to allow certification of non-traditional agricultural products, starting with cosmetics."
"We are also building on our significant biosecurity budget investment with an additional $84.1 million to further modernise and simplify our biosecurity system and facilitate trade.
"And we are committing $68.4 million to support a national approach to traceability standards and credentials to support our exports and grow our markets, said Minister Littleproud.
"Our farmers and farming communities are playing a leading role in Australia's economic recovery, creating rural and regional jobs, and we will continue to ensure that we are setting the foundations for industry to remain resilient and grow."
