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The Australian government has announced additional diplomatic resources and funding to re-establish trade ties with China, as part of the recently unveiled federal budget.
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As part of the 2024–25 budget officially handed down by Treasurer Jim Chalmers yesterday, the government has announced an increase in diplomatic resources and increased diplomatic efforts to support the core national interest.
The federal government has announced it will be investing more than $227.8 million over the forward estimates in upgrading Australia’s communications infrastructure and overseas property to ensure the security of the diplomatic network over the long term.
More than $206.5 million over the forward estimates is being committed to respond to broader regional security and resilience needs and sustain investment in regional relationships in the Pacific.
More than $505.9 million has already been committed to deepen ties with the region under Australia’s Southeast Asia Economic Strategy to 2040. That includes Southeast Asia Investment Financing Facility to provide up to $2 billion in loans, guarantees, equity, and insurance.
The 2024–25 budget provides $26.4 million over the forward estimates to strengthen monitoring and enforcement under Australia’s sanctions framework to ensure enforceable and effective sanctions as part of Australia’s foreign policy.
As a continuing commitment to the sovereignty of Ukraine, Australia will sustain Ukraine’s duty-free access into Australia for a further two years, until July 2026, to support Ukraine’s economy.
The budget also includes $2 million for Austrade to provide additional surge support for affected Australian agricultural exporters to re-establish commercial connections in China, as well as ongoing funding for China’s Approved Destination Status scheme supporting Chinese group travel and return travel by Chinese visitors.
In addition, the federal government has announced an expansion of the successful Australia-India Business Exchange to explore new trade and investment opportunities with India and across South Asia.
The federal budget includes a $29.9 million commitment for a new Digital Trade Accelerator Program to provide businesses with new, secure digital access to important trade data as part of the Simplified Trade System. The budget also includes $10.9 million to expand Go Global Toolkit, which offers online export information and advice.
For more in-depth information about the federal budget, join Defence Industry Minister, the Honourable Pat Conroy, and a host of other policymakers and industry leaders as they unpack the newly announced federal budget. Make sure to book your tickets for the Defence Connect Budget Summit 2024 this Friday, 17 May, at Parliament House in Canberra.
