Grants and Funding, News

Industry commitment outlined in 2024/25 Budget

The 2024-25 Budget has committed to delivering both accurate labelling of plant-based protein products and competition in the Food and Grocery market.

Announced alongside the Albanese Government’s investment of $789 million to the agricultural industry, was the government’s promise to deliver on its election commitment to deliver accurate and clear labelling of plant-based alternative protein products. 

The Government will spend $1.5 million over two years from 2023–24 to work with industry and regulatory agencies to improve existing arrangements in labelling.

The funding will also support independent research into consumers’ current understanding of plant-based labelling and inform improvements to guidance material.

Announcing the latest Budget, Treasurer, the Hon Dr Jim Chalmers MP said the budget will also address Australians who are feeling the pinch at the checkout.

Chalmers said steps are being taken to make the Food and Grocery Code mandatory and to make the economy more competitive across the board.

“By strengthening the mergers regime, and abolishing nuisance tariffs and reducing compliance costs for business. Because more competition means more choices, lower prices, better services and better jobs,” said Chalmers.

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