Reforms to the Export Market Development Grants scheme pass Parliament
Parliament has passed legislation that backs Australian businesses to grow their exports and create jobs through reforms to the Export Market Development Grants (EMDG) scheme.
The EMDG scheme is a key Government financial assistance program to help aspiring and current exporters increase their marketing and promotional activities in international markets. Last year alone over 4000 Small and Medium Enterprises accessed the EMDG scheme, employing almost 69,000 Australians and generating exports worth $3.7 billion.
The legislation will better assist Australian exporters to enter new markets or expand their presence in existing markets, which will be critical to boosting export activity and support Australia’s economic recovery from COVID-19.
The legislation shifts the scheme from a reimbursement model to a grants scheme, meaning eligible exporters will now receive funding closer to when they incur costs, giving more confidence that EMDG funding will genuinely boost their international marketing and promotional activities.
At the same time, simplifying application processes and reducing the administrative burden on exporters whilst still maintaining integrity in the scheme will allow recipients to focus on boosting export activities and ensure maximum return on taxpayer’s investment.
The new EMDG scheme will commence on 1 July 2021.
For more information on the scheme, please go to: Export Market Development Grants (EMDG)