• Federal Budget 2020-2021

JobMaker Plan - Global Business and Trade

The Government has announced measures under the JobMaker plan to improve inbound business and talent migration to Australia, as well as to modernise Australia’s trade system and reduce the complexity of border services. These welcome changes will facilitate increased international connectivity and provide Australian businesses with greater access to the world’s most eminent talent.

Global Business and Talent Attraction Taskforce

The Government will provide $29.8 million over two years to establish a whole-of-government Global Business and Talent Attraction Taskforce. Funding will be distributed accordingly:

  • $13.5 million in 2020-21
  • $16.3 million in 2021-22.

The taskforce will coordinate between all levels of Government as well as leveraging private industry expertise, as well as public service assistance from:

  • The Department of Home Affairs
  • Austrade
  • The Department of Foreign Affairs and Trade
  • Industry, Science, Energy and Resources
  • Defence
  • The Department of Education, Skills and Employment.

The initial focus of the taskforce will be on advanced manufacturing, financial services (including FinTech) and health. This is in addition to the Prime Minister’s announcement on 9 July that Australia would develop incentives to attract export-oriented Hong Kong businesses to Australia.

Simplified Trade System

The Government has indicated it will provide $28.6 million over two years from 2020-21 to support initiatives to modernise Australia’s trade system through the JobMaker Plan. These additional funds are intended to streamline border services to reduce administrative complexity and improve the efficiency of international trade.

The new measure includes:

  • $7.8 million in 2020-21 to reduce compliance complexity for Australian businesses
  • $8 million over two years from 2020-21 to reform and strengthen arrangements for aviation and maritime identification card schemes
  • $12.8 million over two years from 2020-21 to develop a new border intervention model for sea and air cargo
  • An extension of the Australian Trusted Traders program to enable accredited trusted traders to pay customs and anti-dumping duty on a deferred basis from 1 July 2021, resulting in reduced revenue of $7.5 million over three years from 2021-22.

BDO Comment

BDO welcomes the creation and funding of the Global Business and Talent Attraction Taskforce. Attracting global business and talent to Australia will assist in boosting Australia’s productivity and economic complexity. We implore the Government to continue funding such a body beyond the economic recovery from COVID-19. We also commend the Government’s announcement in relation to simplifying the trade system, and hope Australian businesses promptly utilise the anticipated streamlined opportunities and reduced administrative complexities. Businesses will be able to take advantage of significant time and cost savings, and redirect time and resources to strengthen existing trade agreements and/or targeting new market opportunities.