The Australian Federal Government has handed down its Budget, which highlights opportunities for multiple industries, including value-add agriculture and clean energy.
Some key funding highlights include $15 billion committed to the National Reconstruction Fund to invest in priority areas such as renewables, low emissions technologies, medical science, and value-add in agriculture, forestry, fisheries, and defence capabilities.
A $4 billion boost for renewable energy has been pledged, including $2 billion towards making Australia a world-leading hydrogen producer and $400 million to accelerate industrial decarbonisation.
An investment in Australia’s defence will see $2.5 billion for conventionally-armed, nuclear-powered submarines, supporting 20,000 jobs over the next 30 years.
Other commitments include $500 million funding for modernising and growing Australia's industrial capabilities, $400 million in funding to support the development of clean energy industries by investing in sovereign manufacturing capability of critical inputs, such as steel, cement, lime and aluminium and an injection of $392.4 million for the Industry Growth Program, helping Australian small to medium-sized enterprises and start-ups to commercialise and grow.
The Australian government is also investing in critical minerals international partnerships and establishing the Net Zero Authority to guide our net-zero goals. We're thrilled to see this investment in Australia's future and look forward to the growth and opportunities it will bring to the regions of New South Wales.