Boost for Aust. wool

Press, 18 May 1984, Page 16

Boost for Aust. wool

The Australian Government has announced a new system of substantially increased funding for wool promotion. The Minister for Primary Industry, Mr John Kerin, said the Government’s contribution during the next five years would be 1.2 per cent of the gross value of the Australian clip. This would result in Government funding of at least $25 million in 1984 J B5 — a 25 per cent increase on the annual figure of the past four years. Mr Kerin said the new arrangements were a significant improvement on past ad hoc funding whi® had

existed since Australian Governments started contributing to wool promotion expenditure in 1964. The new scheme would place funding on a sound long-term basis. By taking wool promotion out of the annual budgetary process, woolgrowers would be able to plan with greater certainty their own funding contributions. Mr Kerin said the wool industry was one of the most efficient in Australia and contributed 10 per cent to the country’s export earnings last year, second only to coal as an export earner.