Fed budget offerings for agriculture

by | Mar 30, 2022 | Australia, News

The Morrison government’s pre-election budget includes a $187m package aimed at reducing exporting costs and time facilitating international competitiveness while $80m will be offered to pandemic affected small and medium sized exporters to re-establish overseas footholds. More than $60m has been allocated to boosting biosecurity measures in the north. Producers will be supported to improve their on-farm biosecurity, through a three-year $20.1m grant program, with a particular focus on incentivising the adoption of livestock traceability. Large agricultural trade events will be sponsored through a $12m investment, with $6m already committed to the Beef 2024 event.

There has been $27.2m allocated over the next 11 years to address gaps in the voluntary biodiversity market, based on lessons learnt through the government’s biodiversity stewardship pilot making participation easier. Tax on income from Australian Carbon Credit Units and biosecurity certifications will be slashed by re-classifying the profits from off-farm income to on-farm income, which is expected to save primary producers $100m over the next four years.

Agriculture Minister David Littleproud said the government was preparing the nation’s farmers for future challenges, with $84.5m committed to drought resilience programs over the next four years, the details of which will be released in the next week. Over the next four years, $23.4m will be invested into plant breeding, and agricultural agvet chemical innovation and commercialisation.