Port of Melbourne (PoM) commends the Federal Government's 2024-25 Budget announcement on 14 May 2024. The Port is supportive of the Government's commitment to funding areas crucial to the Port and its users, including infrastructure, shipping, transport, biosecurity, and workforce.
Foreign Affairs and Trade
Government investment in foreign affairs and trade, such as the $505.9 million to deepen Australia's engagement with Southeast Asia, is of significance to the Port.
"With 28 per cent of our container exports destined for Southeast Asia, the region constitutes Port of Melbourne's largest export trade partner," said Saul Cannon, Port of Melbourne CEO, "Trade with these nations underpins Victoria's exports, particularly agriculture."
The following data demonstrates the robust trade relationship between Port of Melbourne and Southeast Asian nations:
Vietnam
- PoM's 3rd largest container export trade partner in 2023
- The largest importer of cotton and malt from PoM in 2023 (40% and 29% respectively)
- The 2nd largest importer of wheat, comprising Vietnam's largest commodity imported from PoM
Malaysia
- PoM's 5th largest container export trade partner in 2023
- The largest importer of rubber from PoM in 2023 (47% of all rubber)
Indonesia
- PoM's 7th largest container export trade partner in 2023
- The largest importer of pulp and wastepaper from PoM (45% of all pulp and wastepaper in 2023)
Philippines
- PoM's 9th largest container export trade partner in 2023
- The largest importer of lead from PoM in 2023 (59% of all lead)
Thailand
- PoM's 2nd largest motor vehicle trade partner in 2023 (22% of motor vehicle imports)
Port of Melbourne continues to foster relations with Southeast Asia, having recently been the sole Australian port to participate in the Australian Trade and Investment Commission (Austrade)'s inaugural Australia Southeast Asia Business Exchange, led by Assistant Minister for Trade & Manufacturing, the Hon Tim Ayres.
"Port of Melbourne is furthering regional decarbonisation, digitisation and trade relationships," Mr Cannon said, "We continue to support the Southeast Asia strategy and the opportunities it affords our local exporters and businesses."
Sustainability
The Port is particularly supportive of the budget allocated to decarbonisation.
Mr Cannon said, "The decarbonisation of the freight and maritime sector continues to be a key priority for the Port."
Port of Melbourne is progressing a feasibility study on green methanol bunkering and working to establish Green Shipping Corridors with key trade partners, paving the way for regional decarbonisation. The Port also completed an inaugural $475 million, six-year Sustainability Linked Loan, which included targets to reduce emissions.
"Port of Melbourne is deeply committed to supporting the Federal Government in positioning Australia as a key trading partner and a leader in decarbonisation, enabled by these commendable 2024-25 Budget allocations," said Mr Cannon.
As Australia's largest general cargo and container port, Port of Melbourne is a critical domestic and international trade gateway for Southeastern Australia and a supporter of regional exporters.