The Morrison Government will inject an extra $49.8 million into the Export Market Development Grants (EMDG) program in the 2019–20 financial year, allowing exporters and tourism businesses to get additional reimbursements for costs incurred in marketing their products and services around the world.
Federal Trade and Tourism Minister Simon Birmingham said today’s funding boost would provide much needed relief and a timely cash flow injection for exporters and tourism businesses within the scheme who were doing it tough.
‘We recognise the current COVID-19 crisis is placing immense pressure on Australian exporters and tourism businesses, many of whom felt the earliest and deepest aspects of the economic downturn,’ Minister Birmingham said.
‘This extra $49.8 million to supplement the additional $60 million already committed by the Morrison Government will bring EMDG funding to its highest level in more than 20 years at $207.7 million for the 2019–20 financial year.’
Following the boost to EMDG funding, Austrade advises that for applications lodged in 2019–20, the payout factor for the second tranche will be 100%. The balance distribution date for the 2019–20 financial year has been brought forward to 31 March. This enables funding to start flowing for exporters whose EMDG applications have been assessed as eligible for more than $40,000 in the week beginning Monday 6 April. All claimants are expected to receive full reimbursement for all eligible expenses.