Department of Industry's initiatives highlight agribusiness as key competitive area

A new policy initiative from the Department of Industry seeks to boost competitiveness and productivity by supporting key competitive areas. Among four others, the food and agribusiness sector was identified as a leading industry for Australia and will benefit from incentives and other projects aimed at fostering a strategic business environment.

Announcing the Industry Innovation and Competitiveness Agenda on October 14, the department revealed a series of reforms and proposals that are intended to enact the right economic infrastructure and policies to encourage innovation, entrepreneurship and growth.

The major objective of the initiative is to "help Australia transition into smart, high-value and export focused industries", the release explained. These sectors - including agribusiness - are viewed as critical to Australia's economy and will each receive support from the project via an Industry Growth Centre.

Directed by industry leaders, these not-for-profit centres will facilitate better collaboration between businesses and researchers, paving the way for making constructive changes in the sector. They will be supported by an available $63 million in funding.

Reacting to the announcement of the agenda, the National Farmers' Federation (NFF) welcomed the initiative. NFF President Brent Finlay noted that the project should help businesses thrive in an evolving global market.

"The NFF has long called for mechanisms to address skills and labour shortages, unnecessary red tape holding the sector back and policy settings that forge closer links across the supply chain and above all, deliver a fair return to the farm gate," Mr Finlay said in an October 14 release.

"Going forward, we need to translate these initiatives into action, resulting in a stronger, more innovative farm sector and ensuring that Australian farmers remain competitive in a global environment."

Additional information about the Industry and Innovation Competitiveness Agenda is available on the Department of Industry's website.