National Institute for Forest Products and Innovation - $100m over five years from 2022-23
This initiative will establish the Australia-wide National Institute for Forest Products and Innovation to support research and commercialisation in forestry industries.
New forestry plantations – $86.2m over five years from 2022-23
This initiative will provide for grants to private industry and state-owned forestry corporations to establish new forestry plantations.
Training and accreditation - $10m over four years from 2022-23
This initiative will provide $10.0 million over 4 years from 2022–23 to support the delivery of qualifications, competencies and credentials to meet the training and accreditation needs of forestry and wood products industries.
Regional Forestry Hubs – extended for three years from 2024-25
$8.6 million over 3 years from 2024–25 is provided to extend funding for the Regional Forestry Hubs and expand their role to provide extension services from 2022–23.
National Reconstruction Fund - $15b over seven years, starting 2023-24
The Government will invest $15.0 billion over 7 years from 2023–24 to establish the National Reconstruction Fund (NRF) to support, diversify and transform Australian industry and the economy through targeted co-investments in 7 priority areas: resources; agriculture, forestry and fisheries sectors; transport; medical science; renewables and low emission technologies; defence capability; and enabling capabilities.
Supporting Australian Industry package
This includes $2.1 million to support a feasibility study to replace the coal-fired boiler at the Norske Skog Boyer mill in Tasmania.
Heavy Vehicle Road User Charge – increase
The Government will increase the Heavy Vehicle Road User Charge rate from 26.4 cents per litre to 27.2 cents per litre of diesel fuel. This will decrease expenditure on the Fuel Tax Credit by $215.7 million over 4 years from 2022–23. The change to the Road User Charge was a decision of the Infrastructure and Transport Ministers in April 2022. The Road User Charge contributes to road maintenance and repair.
Improving Drought Readiness, Resilience and Preparedness - $20.8m over two years
The Government will provide $20.8 million over two years from 2022–23 to support Australia’s readiness to respond to drought events:
- $14.3 million over two years from 2022–23 to drive adoption of established drought resilience research
- $6.6 million over two years from 2022–23 to maintain existing capability for future drought preparedness and support delivery of the National Drought Agreement and National Drought Plan
Carbon Farming Outreach Program - $20.3m over 4 years from 2022-23
The Government will provide $20.3 million over 4 years from 2022–23 to establish an outreach program to empower Australian farmers and land managers, including First Nations peoples, to participate in carbon markets and integrate low emission technologies and practices.
Housing Accord - $350m over five years from 2024-25
The Australian Government will provide $350.0 million over 5 years from 2024–25 to support funding of an additional 10,000 affordable homes under a Housing Accord with state and territory governments and other key stakeholders.
Safer and more affordable housing - $10b fund to be established
The Government will invest $10 billion in the newly created Housing Australia Future Fund, to be managed by the Future Fund Management Agency, to generate returns to fund the delivery of 30,000 social and affordable homes over 5 years and allocate $330 million for acute housing needs.
Read more on the Federal Budget here.