MEDIA RELEASE THE AUSTRALIAN DEPUTY PRIME MINISTER AND MINISTER FOR TRADE TIM FISCHER

Budget Helps Exporters Capitalise on Olympic Opportunities

The Government will allocate $5.46m over four years to Austrade for programs associated with the 2000 Olympics.

"The Olympics provides a once-in-a-generation opportunity to promote Australian trade and investment. Programs announced in the budget will enable Austrade to match Australian companies with targeted international business visitors, and will specifically promote Australia's sports related industries," Minister for Trade, Tim Fischer, said today

"The Government has maintained Austrade's running cost appropriation at more than $100m, retained funding for the EMDG scheme at $150m and has reeffirmed Austrade's key role in trade and investment promotion," Mr Fischer said.

"Tourism will receive full rate access to EMDG under the changes recently made by the Government and now re-affirmed in the budget."

"In addition to current activities, services to regional exporters will be enhanced through soon to be announced associate offices, providing Austrade services through local business development agencies," he said. "Austrade will also benefit from closer links with key industry sectors. Seven advisory panels to Austrade senior management will be launched this month."

Austrade's running cost and program budget for 1997-98 will be $349m consisting of a $296m budget allocation and approximately $53m from external sources including payments from other federal government agencies and revenue. Revenue measures will contribute an additional $2m for 1997-8, $3m for 1998-9, $4m for 1999-2000 and $5m for 2000-2001 to the Austrade budget.

Contact:

David Kelly - Minister's Office (06) - 2777420

Alistair Nicholas - Austrade (02) 9390 2388

13 May 1997