- Austrade must manage the program appropriation in accordance with the Public Sector Performance Act (PGPA) economically, efficiently, effectively and ethically
- This means that the demand upon the program must be managed within the given funding appropriation
- The CEO of Austrade will apply the PGPA principles and subject to the availability of funds determine the grant amount for successful applicants
Grant Agreements and milestone payments
- Austrade will endeavour to make grant offers and enter into grant agreements with eligible applicants within 10 weeks of application closing date, i.e. between Dec ‘21 to mid-Feb ’22.
- Austrade must enter into grant agreements with the authorised contact in the applicant business
- The grant agreement will include the total available grant amount per financial year for each grantee
- The grant agreement will describe when and how grantees can seek a milestone payment
- Milestone payments ideally will be done on an annual basis, however if a grantee receives two milestone payments within one financial year, those payments will count as one grant
- As applicants are preparing their plans to market and their planned expenditure, it is important to remember:
- Austrade will have regard to the value with relevant money principle of the PGPA and CGRGs when determining the grant amount
- The funding amount in the grant agreement is the maximum grantees can receive
- At the minimum, grantees must match the grant
- Applicants must be able to substantiate their planned expenditure estimated in their applications when requested by Austrade
- Grantees must comply with terms and conditions of grant agreements
- Grantees must keep all records associated with the eligible promotional marketing expenditure and be able to provide it to Austrade when requested.
The grant agreement will specify the maximum grant amount per financial year. You must, match at the minimum, the dollar value of the grant monies they receive.
If you spend more, you will not receive more grant money. If you spend less, you will only receive an amount equal to the amount you contributed.
For example, if your grant agreement states that you are able to access $60,000 in a given financial year, you must match that amount in order to receive the full amount in your grant agreement. In other words, the total amount spent on marketing activities must be at least $120,000 in that financial year in order for you to receive a $60,000 milestone payment.
Please note this amount is the maximum you will receive for that financial year. If you spend $100,000 on eligible activities in that financial year, you will receive $50,000 through the milestone payment.
If you spend more than $120,000, for example $140,000, you can only receive up to the maximum $60,000 grant amount as per your grant agreement.