SENATOR PENNY WONG
LEADER OF THE GOVERNMENT IN THE SENATE
MINISTER FOR FOREIGN AFFAIRS
SENATOR DON FARRELL
MINISTER FOR TRADE AND TOURISM
SPECIAL MINISTER OF STATE
PAT CONROY MP
MINISTER FOR INTERNATIONAL DEVELOPMENT AND THE PACIFIC
MINISTER FOR DEFENCE INDUSTRY
At a time of great global uncertainty, the Albanese Labor Government continues to keep Australia secure while preparing for the opportunities of tomorrow, with responsible investments in all elements of our national power.
The Albanese Government is taking a whole-of-government approach to securing Australia’s place in the world. This requires the reversal of the long-term reduction in diplomatic resources and increased diplomatic efforts in areas of core national interest. We are delivering on this with further significant investments in the Department of Foreign Affairs and Trade’s capability.
The 2024-25 Budget will ensure the security of our critical diplomatic network over the long term, including our resilience to cyber threats, by investing more than $227.8 million over the forward estimates in upgrading Australia’s communications infrastructure and overseas property.
The Australia-Tuvalu Falepili Union, announced in November 2023, is the biggest step Australia has taken with a Pacific country since the independence of Papua New Guinea over 50 years ago. This Budget will deliver on the climate, security, development and immigration commitments under the Treaty.
In addition, the Government will commit $206.5 million over the forward estimates to respond to broader regional security and resilience needs. These measures will sustain the Government’s investment in our regional relationships in the Pacific.
The Australian Government understands that our prosperity, security and economic future is tied to our region. We continue to implement Invested: Australia’s Southeast Asia Economic Strategy to 2040, including the $505.9 million already committed to deepen ties with the region. This includes a Southeast Asia Investment Financing Facility to provide up to $2 billion in loans, guarantees, equity and insurance to catalyse Australian trade and investment in the region.
Strong, enforceable and effective sanctions are an important element of Australia’s foreign policy. The 2024 25 Budget provides $26.4 million over the forward estimates to strengthen monitoring and enforcement under Australia’s sanctions framework.
Australia remains resolute in its support for Ukraine’s sovereignty in the face of Russia’s illegal invasion. The Government will sustain Ukraine’s duty-free access into Australia for a further two years, until July 2026, to support Ukraine’s economy.
International trade and investment is critical to the Australian economy, creating jobs and prosperity, and opening up opportunities for Australian businesses to expand and diversify globally. The Government is expanding the successful Australia-India Business Exchange, helping even more Australian businesses benefit from new trade and investment opportunities with India and across South Asia.
The Albanese Government will also deliver a significant investment in the Simplified Trade System to make trade faster, easier and cheaper. This $29.9 million commitment includes a new Digital Trade Accelerator Program to provide businesses with new, secure digital access to important trade data, with enhanced risk assessment so trade flows easier across our borders.
The Budget will also provide $10.9 million to expand the successful Go Global Toolkit, which offers online export information and advice to help Australian businesses expand overseas and make use of our free trade agreements.
The Government has reaffirmed its commitment to ensuring the benefits of trade are shared widely amongst the Australian community, by enhancing the Trade 2040 Taskforce giving business, union and community representatives an active role in the Government’s trade policy agenda.
The Budget will include $2 million for Austrade to provide additional surge support for affected Australian agricultural exporters to re-establish commercial connections in China and continue to diversify into other markets.
Australia’s vibrant tourism sector continues to bounce back as one of our largest export industries. The Government will provide ongoing funding for China’s Approved Destination Status scheme, which enables guided Chinese group travel to Australia operated by Australian providers. This measure will support the ongoing return of Chinese visitors and provide greater certainty to Australia’s tourism sector as it continues to grow into the future.
Media Contact:
Foreign Minister's Office: +61 2 6277 7500
Authorised by Senator the Hon Penny Wong, Minister for Foreign Affairs, Australia.
