Just as the Australian dollar lends itself to better export conditions, our agribusiness sector welcomes the Government’s announcement in the Federal budget, that will facilitate essential upgrades to infrastructure, better enabling these businesses to access to new markets.
“Our clients are showing increased interest in expanding their footprint in the Asia region, with more than half looking to commence or increase export activity over the next two years. We welcome the opportunities that comes with the Government’s announcement to invest in crucial upgrades to infrastructure, that will support agribusiness in exploring new markets,” said Tony Pititto, Food and Beverage National Leader, Grant Thornton Australia.
Key measures announced in the Federal Budget include:
- A commitment to the Inland Rail project from Melbourne to Brisbane by providing an additional $594 million over three years from 2017-18 in funding for the project. The investment in this important freight route will provide valuable access to regional agribusinesses.
- National Water Infrastructure Loans Facility which will be available from 2016-17 with $2 billion in loan funding announced. The funding will be used for water infrastructure projects which would include dams, pipelines and managed aquifer recharge projects in regional areas.
- $43.8 million over a five year period to establish the Northern Australia Infrastructure Facility which will provide up to $5 billion in financing to support the economic infrastructure of northern Australia.
- Commitment to spend $920 million per annum from 2019-20 for Roads to Recovery, Black Spot, Heavy Vehicle Safety and Productivity, Bridges Renewal and National Network Maintenance and Research and Evaluation programs.
- An Export and Regional Wine Support Package with $50 million to be provided over a four year period to the Australian Grape and Wine Authority. The funds will be used to promote Australian wine and wine tourism both within domestic and international markets.
“Key infrastructure funding, combined with the recent Free Trade Agreements and Trans-Pacific Partnership Agreement, demonstrate the Government’s commitment to the sector. The forecast remains strong, with a positive outlook and growth opportunities, both domestically and internationally, and these budget initiatives should continue to support this sentiment,” said Mr Pititto
For more information please contact:
National Public Relations Manager
M 0437 725 520