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Wine industry to receive $50 million boost
The federal government will inject $50 million into the Australian wine industry to boost exports and attract more international visitors to wine producing regions.
The export and regional wine support package will provide money for marketing campaigns in the US and China in a bid to increase wine exports to $3.5 billion over the next three years, Agriculture Minister Barnaby Joyce says.
"The target now is to go from $2.2 billion worth of wine to $3.5 billion by 2020," he said.
"At home the package will help to attract up to 40,000 more international tourists to visit our word renowned wine regions."
(Related video: Price of wine is at an all-time low.)
The scheme will look to capitalise on the changing destinations of Australian wine, the assistant Agriculture Minister Anne Ruston said.
"Our wine industry was already in a strong position," Senator Ruston said.
"With tariff reductions from the China Australia free trade agreement leading to China overtaking the US as the most valuable destination."
Australia's wine exports for 2017-18 are expected to top $2.5 billion on the back of stronger demand from China.
The package will be managed by the Australian Grape and Wine Authority.
https://finance.nine.com.au/2017/08/28/12/56/wine-industry-to-receive-50-million-dollar-boost

Deputy Prime Minister and Minister for Agriculture and Water Resources Barnaby Joyce during a support package announcement at the Penfolds Magill Estate in Adelaide, Monday, August 28, 2017. (AAP Image/David Mariuz)
The federal government will inject $50 million into the Australian wine industry to boost exports and attract more international visitors to wine producing regions.
The export and regional wine support package will provide money for marketing campaigns in the US and China in a bid to increase wine exports to $3.5 billion over the next three years, Agriculture Minister Barnaby Joyce says.
"The target now is to go from $2.2 billion worth of wine to $3.5 billion by 2020," he said.
"At home the package will help to attract up to 40,000 more international tourists to visit our word renowned wine regions."
(Related video: Price of wine is at an all-time low.)
The scheme will look to capitalise on the changing destinations of Australian wine, the assistant Agriculture Minister Anne Ruston said.
"Our wine industry was already in a strong position," Senator Ruston said.
"With tariff reductions from the China Australia free trade agreement leading to China overtaking the US as the most valuable destination."
Australia's wine exports for 2017-18 are expected to top $2.5 billion on the back of stronger demand from China.
The package will be managed by the Australian Grape and Wine Authority.
https://finance.nine.com.au/2017/08/28/12/56/wine-industry-to-receive-50-million-dollar-boost