The announcement comes as a great relief to organisers, giving them the freedom to plan next year's event with confidence.

While not committing to an actual figure, Mr Burke said the event would no longer have to spend its time writing applications to government for one-off funding grants.

Instead, he promised the Federal Government would find a program within the Department of Agriculture to provide permanent funding for the national showpiece of what Mr Burke describes as an iconic Australian industry.

"In 2004 the National Party refused to guarantee it would be funded within my department and it was then put on the uncertain footing of being within the Regional Partnerships program," Mr Burke said.

"I'm absolutely determined to find a permanent home of funding within the Department of Agriculture, Fisheries and Forestry."

Beef Australia has asked for $2.2 million from the government, but Mr Burke did not specify exactly how much the event would receive on an on-going basis.

Beef Australia chairman, Geoff Murphy, defended the comercial event's need for taxpayer funding, saying the event was constantly growing beyond its means.

"The problem we've got is the event continues to grow and grow so the aim of becoming self-funding just becomes impossible," Mr Murphy said.