The annual Trade and Assistance Review provides a record of assistance and a review of the trade and economic landscape facing Australia. This year, the report finds that the federal government provided at least $16 billion in industry assistance during 2020-21 (excluding COVID-19 support).

With the cost of living rapidly rising, Australia near full employment, and significant challenges to the global economic landscape, there has never been a more important time for the Commonwealth to ensure that assistance to industry is efficient and effective.

Key points:

• Excluding economy-wide COVID-19-related programs, there was still a material increase in assistance provided to industry compared with the previous year, rising to $16.2 billion (compared with $12 billion in the previous year).
• The vast majority of assistance was provided through budgetary outlays and tax concessions, rather than through tariffs.
• Estimated assistance varied widely by industry and sector.