Budget 2018: Infrastructure & Investment
New Infrastructure Projects
$75 billion has been set aside for transport infrastructure including $24.5 billion in new projects. New projects include:
- Roads of Strategic Importance:
- $3.5 billion, including $1.5 billion for Northern Australia Package, $400 million for Tasmanian Roads Package, $100 million for NSW and ACT Barton Highway Corridor Package and $1.5 billion for future national priorities
- $1 billion Urban Congestion Fund, and
- $250 million for Major Project Business Case Fund.
Medical Industry Growth Initiatives
Date of Effect: From 2017-2018
$1.3 billion over 10 years has been provided for a National Health and Medical Industry Growth Plan to improve health outcomes and develop Australia as a global destination for medical sector jobs, research and clinical trials.
The Government is looking to fund medical innovation that enhances the sustainability of the health system, delivers long term health benefits and strengthens partnerships between researchers, healthcare professionals, biomedtech firms, government and the community.
These investments, using proceeds from the Medical Research Future Fund (MRFF), will include:
- $500 million over 10 years from 2017 18 committed to the Genomics Health Futures Mission, including $10.7 million in 2017 18 for genomics research;
- $240 million committed to the Frontier Health and Medical Research program;
- $248.0 million for expanded clinical trial programs;
- $125.0 million over nine years from 2019 20 to contribute to the Targeted Translation Research Accelerator for chronic conditions focussed on diabetes and heart disease; and
- $94.3 million for biomedtech programs and industry research collaborations.
Government agencies have also been provided with funding essentially to improve access and data sharing capabilities.
Investment in Science & Technology
Around $2.4 billion has been set aside for Australia’s public technology infrastructure, including supercomputers, satellite imagery, a national space agency, research into artificial intelligence and more accurate GPS. This includes $70 million this financial year to upgrade two supercomputers – one in Perth at the Pawsey Supercomputing Centre and the other at the Australian National University in Canberra.
In addition, $29.9 million has been set aside from 2018-19 to strengthen Australia’s capability in Artificial Intelligence (AI) and Machine Learning (ML).
SME Export Hub
Date of Effect: From 2018-2019
A Small and Medium Enterprises Export Hubs program will be established. The program seeks to enable co-operation and boost the export capability of local and regional businesses, through support to develop collective brands, leveraging local infrastructure to scale business operations, and positioning regional businesses to participate in global supply chains.
SOURCE: Knowledge Shop
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