Boosting Technology and Critical Development: The Focus of the Federal Budget 2023Exploring the multitude of initiatives and financial allocations in each year's Federal Budget is an exciting endeavour.
Exploring the multitude of initiatives and financial allocations in each year’s Federal Budget is an exciting endeavour.
It is possible to uncover valuable technology and business-focused projects among larger enterprises that may have been overlooked in the past.
Since the budget rightly prioritised addressing the cost of living crisis many Australians and their families are experiencing, this year’s challenge was particularly important. Moreover, Australian leaders have identified outdated infrastructure and processes as impediments to progress.
The budget recognises that upgrading technology is as much a government challenge as a business challenge. Many ICT upgrade projects have been announced and funded in the budget, including notable ones that will significantly benefit Australians.
Accelerating Innovation: The Federal Budget 2023 Aims to Boost Technology and Critical Development in Australia
The Australian Government has allocated $162.4 million over four years, starting from 2023-24, with an additional $8.3 million per year for the foreseeable future to support the delivery of Government priorities in the Treasury portfolio.
The allocation of funds is meant to enhance the country’s financial stability and resilience. It addresses the cost of living crisis and upgrades outdated infrastructure and processes. Technology advancements and critical development can improve economic growth and job creation.
One of the major areas receiving financial support is cyber security. This follows high-profile incidents that impacted corporations and millions of citizens.
Despite the lower budget allocation than previous years, the need for cyber resilience investment remains critical.
Overall, the Federal Budget for 2023 demonstrates the Government’s intent to improve the wellbeing of its citizens. It will kickstart the country’s future through strategic investments in areas such as energy and environment, science and technology, aged care, cyber security, marine science, and sustainable finance.
Among many aspects, the Australian Government is looking to implement the following:
Energy and Environment
- The clean building Managed Investment Trust (MIT) withholding tax concessions will be extended to data centres and warehouses.
- The Capacity Investment Scheme will be established to underwrite new clean energy investments.
- The National Greenhouse Accounts’ capability will be maintained and enhanced with an additional $21.8 million over three years from 2023–24.
- The Household Energy Upgrades Fund will receive $1.3 billion in funding to support energy-efficient home upgrades.
- $113.1 million over eight years from 2022–23 will be redirected across Climate Change, Energy, Environment, and Water portfolios to fund policy priorities.
Science and Technology
- $116.0 million will be provided over five years, from 2022–23, to support critical technology development for economic growth and job creation.
- $132.7 million over four years from 2023–24 (and $17.3 million per year ongoing) will be allocated to boost STEM capabilities, capacity, and outreach.
- An additional $309.9 million over five years from 2022–23 will be allocated for the implementation of aged care quality and safety initiatives.
- The Government will provide $101.6 million over five years from 2022–23 (and $11.8 million per year ongoing) to uplift cyber security in Australia.
- The Government will provide $163.4 million over four years from 2023–24 (and $43.5 million annually) to secure the future of the Australian Institute of Marine Science (AIMS), ensuring its ongoing financial sustainability.
- The Government will provide $14.2 million over four years from 2023–24 to support its sustainable finance agenda.
Moreover, the budget recognises the importance of technology upgrades and innovation for the government and business sectors.
Government funding for cyber security defences and critical technology development demonstrates the government’s commitment to protecting citizens and infrastructure, as well as enhancing economic growth.