Budget 2023–24

Our portfolio is central to the Australian Government’s plan to create productive, sustainable and high-value jobs.

This Budget represents a significant realignment for our portfolio. Targeted investments in high-scale and evidence-backed programs will drive industry growth in priority areas of the Australian economy.

New Budget measures

Growing innovative and competitive businesses, industries and regions

Diversifying and transforming Australian industry:

  • $61.4 million in funding to support the establishment and operation of the National Reconstruction Fund (NRF) Corporation. Once operational, it will administer the $15 billion NRF to invest in projects across priority areas that diversify and transform Australian industry.
  • Establishing the Industry Growth Program ($392.4 million) to support small to medium enterprises (SMEs) and startups to commercialise their ideas and grow their businesses.
  • Maintaining the Single Business Service to continue supporting SME engagement with government ($39.6 million). This service operates the business.gov.au website and Contact Centre (13 28 46).
  • Extending the National Centre for Asia Capability ($14.9 million) to help Australian businesses engage with markets and businesses in Asia.

Growing Australian industry to support Australia’s transition to net zero:

  • Establishing a Powering Australia Industry Growth Centre ($14.8 million) to help businesses manufacture, commercialise and adopt new renewable energy technologies. This is a key deliverable in the Australian Made Battery Plan alongside the upcoming National Battery Strategy.

Investing in science and technology

Supporting Australia’s priority technology capabilities:

Securing and celebrating our world-leading strategic science and technology capabilities:

  • Investing in ANSTO to ensure Australians continue to benefit from access to lifesaving nuclear medicines.
  • Sustaining the operation of the National Measurement Institute ($51.2 million) as Australia’s peak body for measurement science and regulation. Implementing reforms to Australia’s national measurement legislation ($12.7 million over the forward estimates then approximately $2.1 million each year ongoing).
  • Continuing core functions at the Australian Space Agency ($34.2 million) and enhancing space activity regulation.
  • Maintaining initiatives that boost scientific capability, and promote excellence and diversity in STEM. This includes the National Science and Technology Council, the Prime Minister’s Prizes for Science and Science Meets Parliament initiatives ($9.1 million).
  • Funding Questacon to ensure it remains safe, accessible and innovative ($59.7 million over the forward estimates then $15.2 million each year ongoing).

Supporting a strong resources sector

Accelerating the growth of Australia’s critical minerals sector:

  • Securing strategic and commercial partnerships to develop new, diverse and resilient supply chains underpinned by critical minerals processed in Australia ($57.1 million). This will help and position Australia as a clean energy superpower.
  • Continuing the Critical Minerals Office ($23.4 million) so it can coordinate, optimize and prioritize activities across Australia’s critical minerals sector.

Building key partnerships to support the transition to net zero:

  • Partnering with the Queensland Government to support emerging technology research and development projects that reduce emissions in Australia’s energy resources sector and support energy security ($14.3 million).

Forecasting future gas supply needs to meet domestic demands through the transition:

  • Developing a Future Gas Strategy ($6.7 million) that will balance security, affordability and decarbonization in Australia’s oil and gas sector and our region.

Proactively planning for the decommissioning of offshore oil and gas projects and overseeing decommissioning:

  • Developing a roadmap for establishing a decommissioning industry in Australia ($4.5 million).
  • Funding ongoing work to safely decommission the Northern Endeavour Floating Production Storage and Offtake platform.

Progressing responsible and sustainable radioactive waste management and disposal:

  • Funding the Australian Radioactive Waste Agency (ARWA) to perform its essential waste management functions and progress disposal for current and future waste ($437.1 million over 6 years from 2023-24, then approximately $39.3 million each year ongoing).

Realigned spending

This Budget realigns spending toward the government’s priorities. Targeted investment in key areas will set Australia up for the future and build our long-term prosperity.

Savings in this Budget include:

  • reducing funding for the Global Science and Technology Diplomacy Fund
  • returning uncommitted funding from the Patent Box – expanding the patent box tax concession to low emissions
  • closing and repurposing funding from the Entrepreneurs’ Programme and Digital Careers Program
  • reshaping funding from technology, space and industry programs
  • redirecting uncommitted funding from the Strategic Basins Plans program and related measures, and stopping the Gas Well Trials
  • redirecting uncommitted funding from the Resources and METS Market Access and Preparedness Program.