Labor welcomes new research which finds that Australian International Development Assistance is not only good for the region it also benefits Australia.
Economic modelling from the Australian National University (ANU) finds that every additional $1 spent on Australian Development Assistance in Asia has resulted in $7.10 in Australian exports.
As the authors report, Australian aid is serving our national interests through growing economies in our neighbourhood, which then provides benefits to Australian exporters".
The report highlights that unprecedented cuts to the International Development Assistance budget under the Liberals have not only harmed some of the poorest people in our region, they have also been bad for Australia.
Under Minister Bishops watch Abbott and Turnbull abandoned Australias bipartisan commitment to aid funding and slashed well over $11 billion from our International Development Assistance budget.
At the same time as it committed to a $50 billion tax cut to big business, the 2016-17 Budget delivered the weakest levels of Australian development assistance in history, spending just 22 cents in every $100 of our national income on foreign aid.
Todays report shows Turnbulls cuts to development assistance are not only a source of international embarrassment for Australia, they are bad for our economy and especially our exporters.