THE FEDERAL government has announced more than $100 million in funding to support the growth of Australia’s red meat and livestock industries.
The funding will cover research and development in the current 2024-2025 financial year, as part of a larger range of grants to grow export markets as demand for Aussie meat increases.
Federal minister for agriculture Murray Watt announced the funding on Monday (15 July). It targets beef, sheep and goat meat.
The federal government saidthat global demand for Australian beef is seeing a significant rise, with the nation’s cattle industry worth more than $12.5 billion.
The minister said the funding will go to three industry-focused organisations: Meat and Livestock Australia, the Australian Meat Processor Corporation and LiveCorp.
The minister acknowledged these organisations invest in research and marketing activities to benefit the Australian red meat and livestock industry.
“The funding for MLA is part of a broad range of funding, grants and programs across the red meat and livestock sector by the government, aimed at growing the domestic and international markets,” Mr Watt said.
The minister cited the recently lifted importation restrictions from China as a factor driving Australian beef value and production.
“On 30 May, China’s suspension on exports from five Australian meat processing establishments were lifted with immediate effect, providing some growth to China’s imports of Australian beef and veal products in 2024–25,” he said.
“As global beef production falls, the demand for Australian beef exports rises. Our preferred access status combined with decreased global production increases the competitiveness of Australian exports.”
An $8.8-million trade package for the sector was also announced in December 2023 to support the ongoing trade of live cattle to Indonesia and Malaysia.
