Federal election: What Labor’s win means for Australia’s $88m agriculture industry

Labor went to the Federal election without a firm agriculture policy but its resounding election win means a suite of farming-related pledges will be rolled out during the next four years.

Creating a National Food Security Strategy, bolstering farm safety and extending the instant asset write-off for another year were among the most significant promises the party made to agriculture before the May 3 Federal election.

But Anthony Albanese’s plan to ban live sheep exports by May 1, 2028 now looks set to become a reality as the Federal Government pushes on with rolling out its $139m industry transition package.

While funding commitments targeted directly at the regions were scarce, health was a significant focus with $204.5 million to improve existing and expand Healthdirect services, $200m to create a 24-hour telehealth service, $135.2m for online mental health support and $32m for men’s mental health services.

The Prime Minister’s planned live export ban and fears about Labor’s tax on unrealised gains policy have been criticised by farming groups, but move to pour $3.5m investment into creating National Food Security Strategy was widely welcomed.

The strategy — announced prior to the election — would recognise the importance of safeguarding food supply chains and bolster the resilience of Australia’s agriculture and food production systems.

Its plan to impose a 30 per cent tax on unrealised capital gains made superannuation accounts worth $3m or more was one of the most contentious policy, with National Farmers Federation estimating there are about 17,000 SMSF accounts that hold farming land.

Other policies welcomed included a $2.5m injection to keep Farmsafe Australia running for the next three years, with after the number of people killed on farms doubled to 72 last year.

A further $20m was committed to a campaign to encourage more Australians to buy locally made products.

The On Farm Connectivity Program — which offers rebates of up to 50 per cent on equipment and technology — received a $20m investment in a new round, worth up to $30,000 per applicant.

Labor also committed to strategically examine the potential to grow a biofuels feedstock industry to support Australia’s transition to net zero and backed the NFF’s roadmap for agriculture to become a $100 billion industry by 2030.

The Federal Government also pledged an extension of the $20,000 instant asset write-off until June 30 next year, a move welcomed by small businesses but short of the Coalition’s pledge to offer a permanent write-off.

In announcing the policy, Mr Albanese said the short-term incentive was designed to encourage businesses to spend as a matter of priority.

Community infrastructure was also a focus of Labor’s pre-election commitments, with its Community Upgrade Fund receiving a boost to enable local facilities like pools, libraries and sports clubs to share $100 million to become more energy efficient.

Labor also committed to a Universal Outdoor Mobile Obligation to bridge mobile telecommunications blackspots, requiring mobile operators to provide equitable access to baseline outdoor mobile coverage across Australia.

Labor’s $200m to create a 24-hour telehealth service, dubbed “1800MEDICARE”, will be introduced by January next year, while a pledge Movember, Men’s Sheds and male-specific mental health services will receive a significant boost.

This includes $8.3 million to support another two years of Men’s Shed Initiative’s National Shed Development Program, and $7.4 million to expand Movember’s Ahead of the Game program, delivered in partnership with the AFL.

Also included is $3.0 million to Healthy Male to support the delivery of Plus Paternal Initiative, and $2.0 million to the Black Dog Institute to research men’s mental health and suicide prevention at the Danny Frawley Centre for Health and Wellbeing.

The controversial indexation of excise on on draught beer has been frozen for two years, and the Federal Government will left a the $350,000 excise remission cap to $400,000 for all eligible alcohol manufacturers.

It also committed $7m in the recent budget to support horticultural conferences, agritech events and other agricultural trade shows for two years from July 1, including $2m for the world’s biggest sheep, lamb and wool conference Lambex.

It has also pledged $6.8m in 2025-26 in international engagement and technical market access activities to support agricultural exports in a changing trade environment.