AusIndustry Special Update: Budget October 2022-23

Posted on October 27th, 2022

The Federal Budget October 2022-23 was handed down on Tuesday, 25 October 2022. The Australian Government’s economic package supports cost-of-living relief and invests in Australia’s future. Please find below summary of the business and industry focused measures.

Department of Industry, Science and Resources

Manufacturing & Industry

Establishing the $15 billion National Reconstruction Fund that will co-invest in resources, agriculture, forestry and fisheries, transport, medical science, renewables and low emission technologies, defence capability, and enabling capabilities including critical technologies.
$14.2 million for a National Rail Manufacturing Plan to help stimulate the Australian rail industry to build more trains in Australia and support skilled manufacturing jobs.
Developing Australia’s first National Battery Strategy with a shared vision and actions to grow an end-to-end Australian battery industry.
$6.1 million to enable Ethical Clothing Australia to support an industry-led campaign to help consumers choose ethically-sourced Australian textile, clothing and footwear products, and to ensure supply chains are legally compliant.
$1.6 million to work with the seafood and hospitality sectors to develop options for mandatory Country of Origin Labelling for the Seafood sector, enabling consumers to make informed decisions on their purchases.

Resources & Critical Minerals

The $99.8 million Critical Minerals Development Program will help early and mid-stage critical mineral projects overcome technical and market barriers.
$50.5 million over four years to establish the Australian Critical Minerals Research and Development Hub an additional $50.1 million over three years to the Critical Minerals Development Program for competitive grants to support early and mid-stage critical minerals projects.
Investing $2 million to support the Isaac Regional Council to establish a site for a Resources Centre of Excellence that will provide mine workers and communities with training and access to new technologies to help meet demand for new skills.

Science & Technology

Development of a National Quantum Strategy, which includes $4.8 million to provide support for quantum researchers to help attract and retain our nation’s quantum talent onshore.
$10 million to continue Questacon’s delivery of its outreach programs to engage young Australians and science teachers in science, technology, engineering and mathematics (STEM).
$5.8 million to support diversity in STEM, including providing funding for additional community and industry-led projects in the Women in STEM and Entrepreneurship program.

Other Measures From the 2022-23 Budget to Support Business and Industry

Small business specific budget measures

$10.9 million in extra funding for the New Access for Small Business Owners mental health support program operated by Beyond Blue, which offers free one-on-one telehealth sessions with specially trained mental health coaches providing evidence-based advice on strategies for managing stress.
$4 million extra for the Small Business Debt Helpline operated by Financial Counselling Australia offering free, independent, confidential and impartial phone-based support to small business owners.
$5.8 million over 4 years to support education and compliance associated with introducing the positive “respect@work” duty on employers; and $2.1 million over 4 years to establish one-stop shop for workplace sexual harassment information including support service referrals and employer responsibilities.
$3.4 million over 4 years to support the development and delivery of education, technical advice and support services targeting the needs of small business employers to support the implementation of 10 days of paid family and domestic violence leave.
$7.9 million over 4 years for the Fair Work Commission to support uptake of enterprise bargaining for small business.
$15.4 million over 4 years to establish the Startup Year program to deliver HELP loans to graduates, postgraduate and final year undergrad students. The business focussed accelerator program will encourage innovation and support Australia’s startup community.
$18.6 million in Digital Solutions grants for advisory service providers to help small businesses wanting to get online to access high quality, independent advice at low cost.

Department of Climate Change, Energy, the Environment and Water

$275.4 million over 6 years from 2022–23 to establish the Driving the Nation Fund to invest in cheaper, cleaner transport, bringing total investment for electric and hydrogen vehicle infrastructure to over $500 million.
$224.3 million to fund 400 community batteries to lower bills, cut emissions and reduce pressure on the grid.
$62.6 million over 4 years to support small and medium enterprises to upgrade or replace inefficient technologies to improve energy efficiency.
$49.5 million over 4 years to increase the security of the domestic diesel exhaust fluid (DEF) market as trucks and other diesel vehicles rely on DEF.
$1.9 billion to establish the Powering the Regions Fund, which will support Australian industry to decarbonise, develop new clean energy industries, help build the new energy workforce and continue to develop supply of Australian Carbon Credit Units.
$3.5 million towards the Mount Morgan Water Supply project in Queensland.
$11.5 million towards strategic planning for improving water security in Queensland.
$8 million in additional funding towards Big Rocks Weir in Queensland.