Trade Minister Simon Birmingham has confirmed the EMDG program will receive a boost of $60 million, for the next three years, to the pool that has remained frozen since 2013-14 despite a 70% increase in applicants. This will see $180 million added to the funding pool by 2022, honouring the Coalition’s commitment to restore the $100 million that was cut from the program back in 2012-13.
In previous years, the increase in submissions and lack of additional funding has seen applicants who are due for reimbursements of up to $150,000 a year, received less than half of their entitlement. When you take into consideration that the EMDG program returns over $7 to the Australian economy relative to every $1 of funding, making it one of the Governments most critical support programs for business, it is great to see this funding boost to the program.
This much needed cash injection is a promising start by the Federal Government to support the 3,500+ Aussie exporters that are currently accessing of the EMDG program.
Contact our in-house expert, Chloe Cullen, on 07 3232 1736 if you have any questions.