The funding includes $10 million for Regional Forestry Hubs, $1 million for a feasibility study into an Australia-wide National Institute for Forest Products Innovation and delivery of Plantation Development Concessional Loans.
The Australian Government is providing $12.7 million in this Budget to support continued growth and innovation in Australia’s forestry industry.
Minister for Agriculture, Drought and Emergency Management David Littleproud and Assistant Minister for Forestry and Fisheries Jonno Duniam said the investment would support existing and new Regional Forestry Hubs and improve the forestry industry’s research and development capacity.
“The Australian Government is committed to supporting Australia’s forest industries – innovation is vital to Australia’s forestry future,” Minister Littleproud said.
“The Australian Government is providing more than $10 million over 4 years for existing Regional Forestry Hubs and the establishment of two new Hubs, and $1 million for a feasibility study into an Australia-wide National Institute for Forest Products Innovation.
“The Budget also delivers on the government’s election commitment for concessional loans through the Regional Investment Corporation to encourage new plantation development and the replanting of bushfire-damaged plantations.
“Australia’s forestry industry is well-placed to become a global leader in the development of smart, high-value products, business models and supply chains.
“The Australian Government will continue to support the industry to stay innovative and competitive.”
Assistant Minister Duniam said the government’s continued investment in the Regional Forestry Hubs would support the industry to grow and stay globally competitive.
“The nine Hubs around the country have been identifying factors that are limiting growth, and addressing these as well as maximising the competitive advantages of forestry regions,” Assistant Minister Duniam said
“Two new Regional Forestry Hubs will be established in Eden New South Wales and the Northern Territory.
“The new Hubs will work with industry, state and local governments, and other key stakeholders to support innovation and growth in forest industries in their region as well as support the work of the existing nine Regional Forestry Hubs.”
- This Budget builds on actions already taken by the Australian Government to drive agriculture’s competitiveness and growth, laying the foundations to support industry reach the target of $100 billion in farmgate value by 2030
- The Agriculture 2030 package is about removing the handbrakes to growth, tackling emerging trade challenges early, protecting our country from pests and disease, supporting industry resilience and productivity, boosting innovation and human capital availability
- Despite drought, COVID-19, floods and fires, the farming, fishing and forestry sectors are projected to be worth $71.2 billion in production value this year