Free trade agreements and tourism to drive economic growth and jobs
The Government continues to pursue a trade agenda to create jobs and drive economic growth. Minister Ciobo highlighted trade and tourism-related Budget measures, notably $30 million to Austrade for global investment teams; $18 million to expand Australia Week events; a $43 million Tourism Demand-Driver Infrastructure Program; and $1.8 million to expand the FTA online portal.
ChAFTA delivers for Australian business
Chinese trade data shows encouraging early signs that the China-Australia Free Trade Agreement is driving expanded exports by Australian business. Between January and March 2016, Chinese imports of Australian bottled wine grew more than 60 per cent compared to the same period a year ago, to reach $200 million, as tariffs were cut twice, from 14 per cent to 8.4 per cent.
The Government recognises that tourism is one of five super-growth sectors that will create new jobs and growth in the economy over the next decade. Budget measures include funding for Tourism Australia, Western Sydney Airport, protecting the Great Barrier Reef and to promote Australian wine overseas and at home.
Two new overseas consulates announced in Budget 2016
The Government will commit $39.4 million to open consulates, in China and in Lae in Papua New Guinea, as part of our economic diplomacy agenda. The new diplomatic presence in China will play an important role in promoting trade and investment, following entry into force of the China-Australia Free Trade Agreement. Minister Bishop highlighted the potential to expand commercial opportunities in the food, agriculture, clean technology and education sectors.
Australian landing pad established in Berlin
The Government will establish a landing pad for Australian startups in Berlin, a leading centre for global innovation and technology. This is the fourth landing pad to be announced as part of the Government’s National Science and Innovation Agenda, joining San Francisco, Tel Aviv and Shanghai.
Enabling growth and innovation in the international education sector
The Government’s 2016-17 Budget commits $12 million over four years to support the implementation of Australia’s National Strategy for International Education 2025 – backing one of our five key economic super-growth sectors. The international education sector is growing at an average of 11.5 per cent per annum.
Satellite account confirms tourism as a super-growth sector
Tourism’s economic contribution as one of five key super-growth sectors of Australia’s transitioning economy has been reinforced with Australian Bureau of Statistics Tourism Satellite Account figures for 2014-15. Tourism’s direct contribution to the Australian economy was $47.5 billion in 2014-15 or 3 per cent of total Gross Domestic Product. Tourism GDP increased 5.3 per cent in 2014-15, which is more than three times the growth for the total economy. In 2014-15, the number of people directly employed in the tourism industry reached 580,800, an increase of 6.3 per cent on 2013-14.
Business Envoy: May 2016 out now
The May edition of DFAT’s trade newsletter business envoy focuses on innovation as a driver of trade and investment. It includes a dispatch from Australia’s Ambassador to Israel Dave Sharma who says despite its small size, Israel has one of the highest concentrations of innovation and entrepreneurship in the world.
Upcoming Trade Events
North Asia Free Trade Agreements Information Seminars
Hoppers Crossing VIC 10 May 2016 |Yarraville VIC 11 May 2016
If you are a current or prospective exporter don’t miss these free, interactive sessions which explain practical benefits your business could realise from Australia’s historic FTAs with three of our largest export markets – China, Japan and Korea. Seminars also taking place in Pyrmont, NSW, 17 May 2016.
Know-How for Inbound Tourism Excellence program
9-11 May 2016
A new program to help businesses connect with the $36.6b international tourism market has been launched by the Australian Tourism Export Council. The Know-How for Inbound Tourism Excellence or KITE program prepares tourism businesses for international readiness, providing market specific insights and specialist topic webinars. Visit the registration page to search for dates and locations.
Visit the DFAT trade website for more on Australian trade, including FTA updates, the latest trade statistics and the Trade Talk archives.
Trade Articles sourced from non-Australian Government sources do not necessarily reflect the views of the Australian Government.