New export initiative to boost SME growth

Announced in the 2018-19 budget, the government’s SME Export Hubs Initiative will fund successful applicants to develop local and regional hubs that will help local businesses begin to export.

The program will fund new and existing export hubs in the priority growth centre sectors: advanced manufacturing, cyber security, food and agribusiness, medical technologies and pharmaceuticals, mining equipment, technology and services, and oil, gas and energy resources.

The SME Export Hubs Initiative will complement existing initiatives, including the Industry Growth Centres Initiative, the Entrepreneurs’ Programme, and services and programs delivered by Austrade, including the Export Market Development Grants scheme.

Further, the program will provide matched funding of up to $1.5 million for up to four years from 2018-19 to 2020-21, and can come from other sources such as state and local governments as well as industry.

Minister for industry, science and technology Karen Andrews said this sort of practical assistance can be invaluable for local businesses.

“Beginning to export can be challenging but there are massive opportunities for Australian firms to take their products, processes and services to big markets in our region and around the world, increasing revenue and creating new jobs,” Ms Andrews said.

“Export hubs will help Australian companies overcome these challenges and begin to export.

“The hubs will help businesses team up with other firms and through activities such as developing collective brands, take advantage of local infrastructure to boost business operations, and position regional businesses to participate in global supply chains.”