THE federal government is to pump an extra $49.8m into the Export Market Development Grants program in the 2019-20 financial year.
This is to allow exporters and tourism businesses to get additional reimbursements for costs incurred in marketing their products and services around the world.
Trade minister Simon Birmingham said the funding boost would provide relief and a timely cash flow injection for exporters who were doing it tough.
“We recognise the current COVID-19 crisis is placing immense pressure on Australian exporters and tourism businesses, many of whom felt the earliest and deepest aspects of the economic downturn,” Mr Birmingham said.
“This funding injection will put more cash in the pockets of thousands of Australian businesses when they need it most.
“The EMDG scheme has been a popular vehicle to support the costs associated in reaching new markets, and this additional funding will give Australian exporters and tourism businesses extra help in these tough times.”
Mr Birmingham said the funding meant businesses who spent their own money to market and grow Australian exports would receive more of that money back, up to 50% of their total eligible marketing expenses.
“This investment addresses the reality that businesses invested in good faith to lift Australia’s exports, but are unlikely to see immediate return on those investments,” he said.
“These entrepreneurial and outward looking businesses will be crucial to our future economic recovery.”
Further information on the EMDG scheme can be found at: www.austrade.gov.au/Australian/Export/Export-Grants