2023-2024 Federal Budget - Industry & Technology

Industry & Technology

Enhanced support for small and medium-sized businesses and startups

The Government will provide $431.9 million over 4 years from 2023-24 (and $79.2 million per year ongoing) to improve support for small to medium enterprises (SMEs) and startups. Funding includes:

• $392.4 million over 4 years from 2023-24 (and $68.2 million per year ongoing) to establish the Industry Growth Program to support Australian SMEs and startups to commercialise their ideas and grow their operations. Support will be targeted towards businesses operating in the priority areas of the National Reconstruction Fund
• $39.6 million over 4 years from 2023-24 (and $11.0 million per year ongoing) to continue the Single Business Service, supporting SMEs engagement with all levels of government.

Budget Speech p 10
Budget Paper No 2 p 163
Budget Overview p 36
Regional Ministeral Budget Statement p 58
Media Release

Safely managing Australia's radioactive waste

The Government will provide $476.4 million over 7 years from 2023-24 (and $38.7 million ongoing from 2030-31) for the safe and sustainable management and disposal of Australia's radioactive waste. Funding includes:

• $304.5 million over 7 years from 2023-24 (and $38.7 million ongoing from 2030-31) for the Australian Radioactive Waste Agency in the Department of Industry, Science and Resources to continue to manage a comprehensive national inventory of radioactive waste, coordinate the safe disposal and storage of radioactive waste, and to establish safe and secure disposal pathways for radioactive waste
• $162.2 million over 7 years from 2023-24 to continue preparatory work for the establishment of the National Radioactive Waste Management Facility, including technical, design, regulatory and governance activities, and community engagement consistent with the National Radioactive Waste Management Act 2012.

Budget Paper No 2 p 166
Regional Ministeral Budget Statement p 59
Industry, Science and Resources Portfolio Budget Statement p 18

Strengthening Australia's science, technology, engineering and mathematics capabilities

The Government will provide $132.7 million over 4 years from 2023-24 (and $17.3 million per year ongoing) to boost Australia's capability, capacity and outreach in science, technology, engineering and mathematics (STEM). Funding includes:

• $59.7 million over 4 years from 2023-24 (and $15.2 million per year ongoing) for infrastructure and ICT upgrades at Questacon, and to continue Questacon's national STEM education and engagement programs to increase science engagement
• $51.2 million over two years from 2023-24 for critical ICT and equipment upgrades at the National Measurement Institute to strengthen its capacity to maintain national measurement standards and increase confidence in Australian goods and services.

Budget Paper No 2 p 168
Regional Ministeral Budget Statement p 59
Industry, Science and Resources Portfolio Budget Statement p 100

Growing Australia's critical technologies industries

The Government will provide $116.0 million over 5 years from 2022-23 to support the development of critical technologies in Australia to drive economic growth, boost technology industries and support the creation of new jobs. Funding includes:

• $101.2 million over 5 years from 2022-23 to support businesses to integrate quantum and artificial intelligence (AI) technologies into their operations, through:
• - A Critical Technologies Challenge Program, which will support projects that use critical technologies to solve significant national challenges, and will commence with a focus on projects that use quantum computing
• - Extending the National AI Centre and its role in supporting responsible AI usage through developing governance and industry capabilities
• - Establishing an Australian Centre for Quantum Growth to support ecosystem growth and commercialisation in Australia's quantum industry
• - Supporting small and medium enterprises' adoption of AI technologies to improve business processes and increase trade competitiveness

Budget Paper No 2 p 164
Budget Speech p 9
Budget Overview p 40
Industry, Science and Resources Portfolio Budget Statement p 16
Media Release

National Reconstruction Fund Corporation - establishment

The Government will provide $61.4 million over 4 years from 2023-24 (and $1.2 million per year ongoing) to establish the National Reconstruction Fund Corporation (NRFC). Funding includes:

• $53.2 million in 2023-24 for the establishment and operational costs of the NRFC, with ongoing operations expected to be funded from revenues earned on investments made.

Budget Paper No 2 p 165
Budget Speech p 9
Budget Overview p 36
Regional Ministeral Budget Statement p 57
Industry, Science and Resources Portfolio Budget Statement p 197
Media Release

Securing a responsive nuclear medicine and science capability for Australia

The Government will provide funding over 10 years from 2023-24 to support the Australian Nuclear Science and Technology Organisation (ANSTO) in its provision of nuclear medicines to Australians, including.

• $44.5 million over 3 years from 2023-24 to support ANSTO to manage the planned upcoming maintenance shutdown of its nuclear reactor, including the importation of nuclear medicine that would ordinarily be produced by the reactor
• $39.9 million over 3 years from 2023-24 to formally wind up ANSTO Nuclear Medicine Pty Ltd by 1 July 2024 and transfer its operations, assets and liabilities to ANSTO
• Funding over 10 years from 2023-24 for ANSTO to construct a new nuclear medicine manufacturing building, as well as ongoing maintenance of the current ageing facility
• Funding over two years from 2023-24 for ANSTO to develop a business case for a new facility supporting Australia's sovereign nuclear security science capability.

Budget Paper No 2 p 167
Industry, Science and Resources Portfolio Budget Statement p 71

Refocusing support for the Australian space industry

The Government will refocus support for the Australian space industry by maintaining investment in successful space programs and providing appropriate regulation for the space industry. Funding includes:

• $34.2 million over 3 years from 2023-24 for the Australian Space Agency to continue to lead the national policy and strategy coordination of Australia's civil space sector activities
• Improving regulatory settings for businesses and funding programs that support Australian space projects and remove cost recovery requirements under the Space (Launches and Returns) Act 2018.

Budget Paper No 2 p 166
Industry, Science and Resources Portfolio Budget Statement p 16

Reform of the Product Stewardship for Oil Scheme

The Government will increase the Product Stewardship for Oil (PSO) levy by 5.7 cents from 1 July 2023. The PSO levy will increase from 8.5 cents to 14.2 cents per litre for specific oils and greases. The Government will also make consequential changes to PSO category 8 benefits from 1 July 2023, raising these to 14.2 cents for oils to match the increased PSO levy.

Budget Paper No 2 p 25