New funding for export grants
Australian exporters are playing a key role in creating jobs and boosting Australia's economic recovery and will now benefit from an additional $80 million in funding for the Morrison Government's Export Market Development Grants (EMDG) program.
Minister for Trade, Tourism and Investment Dan Tehan said exporter demand for EMDG grants, which support small and medium sized businesses, had soared in 2021.
“Demand for EMDG has been particularly strong this year, with the reformed EMDG program making it easier for businesses to apply.”
“Due to increased demand, the Government will provide an additional $80 million over the coming four years for this long-running program,” Mr Tehan said.
Minister Tehan said the Government had a proven track record of backing Australian businesses to grow their businesses globally.
“The EMDG program is an important tool that helps businesses stand out in new international markets, and expand in existing markets, amid fierce competition,” Mr Tehan said.
“Over 4,000 Australian businesses received more than $192 million in support for their exporting activities via the EMDG program in 2019-20 to help them manage the impact of COVID-19.
The total funding for the program is fixed and is administered by the Australian Trade and Investment Commission (Austrade).
Austrade worked closely with stakeholders this year to design and deliver a streamlined EMDG experience, from application through to the receipt of milestone payments, removing significant red tape and making it easier for businesses to apply and obtain certainty through multiyear agreements that specify in advance what exporters will receive if they match grant funding.
This year Austrade received more than 5,300 applications for the reformed EMDG grants - the highest number in the history of the program – demonstrating strong business support for the new, forward looking EMDG program.
The much higher number of grant recipients will see the fixed funding pool spread across more businesses with all eligible businesses receiving a payment. EMDG staff will be working through January on the record number of applications to get grant agreements to eligible businesses as quickly as possible with first grant agreements due from mid-February.