MYEFO delivers $580 million new funding for ag sector

Investing in Australia’s export trade system, securing nationally important biosecurity defences and locking in funding to help the live cattle trade are some of the key agriculture programs in this years’ Mid-Year Economic and Fiscal Outlook.
MYEFO includes a further $580 million over five years in funding to support our agriculture sector. 

The Agriculture Trade and Exports package, worth $104.3 million over three years will continue to ensure the Government is building resilience into the agricultural sector and is well positioned to meet the needs of our trading partners. 

Minister for Agriculture, Fisheries and Forestry Murray Watt said the package would ensure Australia’s ability to trade and generate jobs from our agricultural exports is maintained.

“The nature of international trade is changing,” Minister Watt said.

“We’ve seen in the last few years an increase in the cost of delivering key trade and export regulatory activities required to meet the expectations of our international trading partners.

“The expectations of our trading partners and consumers overseas, as well as Australian export industry are changing and are more complex. 

“It’s vital this access is maintained for Australian exports to continue supplying these markets, so we can continue to supply jobs up and down the supply chain in regional Australia.

“That’s why we have committed $91.8 million over the next two years to keep providing the services we need to enable agricultural trade and exports.

“This work will develop a sustainable funding model for the services that are needed to support our $83 billion export industries over the long term.

Minister Watt said the Government was also responding to Indonesia and Malaysia’s decisions to temporarily halt cattle and buffalo exports from Australia. 

“Our MYEFO trade package also includes $8.8 million to support the ongoing trade of live cattle with Indonesia and Malaysia.

“While both countries have resumed trade, the disruption caused uncertainty for some exporters in northern Australia.

“It’s an important trade for both Australia and Indonesia, in 2022 alone 57% of all live cattle and buffalo exports, worth $562 million, went from Australia to Indonesia. 

“This trade also provides our near neighbours with food security and a vital source of both food and stock to build their own domestic herd.”

Minister Watt said Australia’s success as major exporter of food and fibre products is dependent on our clean, safe reputation. 

“This is underpinned and enforced by our robust and fully-funded biosecurity system.

“We are committed to securing Australia’s biosecurity, which is why we have committed $268.2 million over four years to continue the eradication program for red imported fire ants in Queensland.

“This is on top of the $1 billion we secured in the May budget for a Sustainable Biosecurity Funding model.

“Since the election the Albanese Labor Government has invested more than $3.1 billion to protect and grow our vital agriculture, fisheries and forestry industries.

“It is these commitments which prove the Australian Government is doing its part to see Australian agriculture protected and thriving.”