Supporting Australia’s international economic engagement

The Albanese Government is strengthening Australia’s economic recovery by diversifying trade and investment ties and backing the recovery of Australia’s visitor economy.

Through targeted budget measures, the Government is growing the Australian economy and creating jobs by generating enhanced trade and investment opportunities.

As a part of this, the Albanese Government will provide up to $100m in funding towards our participation in the 2025 World Expo, to be held in Osaka, Japan. Australia’s participation will showcase our clean energy and low-emissions technologies, and strengthen our position as a preferred partner on energy security.

My recent visit to Japan and Korea highlighted how global energy cooperation will underpin Australia’s future, including in new export opportunities such as hydrogen, critical minerals and green technologies.

Continuing our support for clean energy, the Government has committed $19.6m of funding towards the Singapore-Australia Green Economy Agreement. The Agreement will advance bilateral cooperation in clean hydrogen and renewable energy trade, and more broadly, potentially serve as a model for regional cooperation on green economy issues.

There is no doubt that trade diversification is key to Australia’s future economic prosperity, particularly in these times of global uncertainty and complexity.

As such, the Albanese Government will deliver on our commitment to develop and implement a Trade Diversification Strategy, strengthening and expanding trade networks and supporting re-engagement with our Indo Pacific partners. In addition, we know the last few years have been incredibly challenging for the approximately 300,000 Australian businesses in the travel and tourism industry.

The Government is committed to growing and rebuilding the sector to return to the economic powerhouse we know it to be and has committed $48m to support this recovery.

This funding will support training and upskilling for the accommodation sector, upgrade caravan parks, help small tourism businesses and attract workers to the tourism industry.

For more details on the 2022-23 Budget, visit budget.gov.au