Australian Budget commits major funding to boost technology capabilities
15 Nov 2022
The Australian Government released its Budget October 2022–23 on 25 October 2022. The Budget sets aside funding for initiatives aimed at strengthening Australia’s strategic capabilities, including in digital technologies.
This creates significant investment opportunities across several critical sectors, including resources, renewables, low-emission, and critical technologies.
Boosting Australia’s key capabilities
The Government has committed significant funds to boost Australia’s capabilities in critical sectors. These include:
- A$15 billion for the National Reconstruction Fund (NRF): The Government has committed an initial A$50 million over 2 years to establish the NRF. The NRF will support co-investments in various sectors over 7 years. These include investments in resources; agriculture, forestry and fisheries; transport; medical science; renewables and low emission technologies; and defence. The NRF will start from 2023–24. Find out more here.
- A$141.1 million over 10 years to establish carbon capture technologies for net zero and negative emissions.
- A$13.5 million to strengthen policy capability to identify and support critical and emerging technologies.
- A$20 billion to upgrade Australia’s electricity grid to connect with renewable energy sources.
Improving network connectivity
The Budget has also earmarked major funding to improve network connectivity across Australia. The funds include:
- A$2.4 billion for the National Broadband Network (NBN), expanding full-fibre access to 1.5 million premises by 2025. This will deliver a faster and more reliable network to advance Australia’s digital economy, businesses, and communities.
- A$1.2 billion for the Better Connectivity for Regional and Rural Australia Plan. This includes $400 million for mobile base stations and $200 million for the Regional Connectivity Program.
Strengthening cyber security and bolstering quantum technology
Enhancing cyber security is a Government priority. The Budget includes $31.3 million for Cyber Hubs to strengthen the Government’s cyber resilience and security capabilities.
The Government has also set aside $4.8 million over 4 years to bolster the development of quantum technology. This includes funding for 20 PhD scholarships and collaboration by universities.
This support is set to create more investment opportunities in Australia’s growing quantum tech industry. According to a new CSIRO report, the industry could generate A$6 billion a year by 2045.
Go further, faster with Austrade
Visit the Global Australia website for more information about investment opportunities in Australia. You can also contact an Austrade Investment Specialist in your region.