$50 million boost to export grants planned
Minister for Trade Simon Crean has allegedly secured $50 million in extra funding for the Export Market Development Grants (EMDG) scheme in the Federal Budget, to be confirmed tonight.
The underfunded scheme has come under fire because businesses making claims have not received their full entitlements due to the increase in exporters seeking rebates.
“We understand there is an additional $50 million which will breathe life into the small and medium export sector and play important role in the recovery,” said Ian Murray, executive director of the Australian Institute of Export.
The EMDG scheme allows exporters and potential exporters to claim a portion of their market research and development costs back through Austrade. The extra funds were secured after 1,800 exporters looked to miss out on payments. More than 1,000 companies missed out on entitlements in 2007 due to Howard Government cutbacks.
The boost comes in the light of a rising Australian dollar. “The export community needs a little assistance,” said Murray. “Also companies are starting to set their platforms for recovery and exporters plan a long way ahead so they need to know now what assistance the Government can provide.”