There were mixed outcomes for agriculture on Tuesday’s Federal Budget night, with some positive measures relating to fuel security, tax settings, regulatory support and supply chain resilience, but limited direct relief for growers currently facing significant cost pressures.
It should be noted that these measures are still subject to the parliamentary process and have not yet been legislated.
Measures relevant to banana growers include:
- up to $11.9 billion over five years for the Government’s National Fuel Security Plan, including a Fuel and Fertiliser Security Facility and expanded fuel reserves aimed at strengthening Australia’s fuel and fertiliser supply resilience
- $1 billion through the National Reconstruction Fund’s Economic Resilience Program to support freight, fuel, fertiliser and other critical supply chains impacted by global disruptions
- $55 million for a Transport Resilience and Capacity pilot program aimed at supporting increased rail and maritime freight movements
- permanent extension of the $20,000 instant asset write-off for eligible small businesses
- exemption of primary production income from proposed discretionary trust tax changes, an important outcome for many family farming businesses
- $8.7 million in additional funding for the APVMA to continue agricultural and veterinary chemical regulatory activities
- $387.4 million over four years to support CSIRO’s financial sustainability and disease preparedness capability
- $167.4 million to strengthen migration system integrity, including $27 million for migrant worker education and awareness of workplace protections and compliance obligations
However, the Budget did not include direct fuel rebate increases or fertiliser subsidies for growers, despite continued pressure from rising diesel, freight and input costs. Concerns were also raised by the NFF regarding cuts to some agriculture, drought, regional connectivity and preparedness programs.
ABGC will continue advocating strongly on behalf of banana growers to ensure the industry’s concerns around fuel, freight, fertiliser costs, workforce pressures, biosecurity, compliance burden and long-term business viability remain firmly on the Government’s agenda.