Industry and technology reacts to the budget 2023

Companies, industry groups and experts comment on last night’s Budget 2023 – this is what they said.

Green technology developer Fortescue Future Industries welcomed the budget’s Hydrogen Headstart announcement which ‘demonstrates how seriously the government is taking the green hydrogen industry’ and its critical role in Australia’s future.

FFI said in a statement: “This is a great first step. We look forward to working with the government on the broader response over the rest of this year which will catalyse the whole industry in Australia.”

The Perth company also welcomed the additional critical minerals commitment of $57.1 million announced last night.

“Further, we welcome the greater definition around the reforms of the EPBC Act including the timeframe and role of the new Environmental Protection Australia.

“As we increasingly require a wider range of skills across the Fortescue Group, we support the Government’s proposed reforms for the Skilled Migration Act.”

The Australian Academy of Technological Sciences and Engineering (ATSE) has welcomed measures for science and technology in the Federal Budget, however it called for further strategy and investment to grow wealth and wellbeing by making Australia a global leader in research and innovation.

Time is of the essence for Australia to grow as a leading innovation nation, rapidly decarbonise our economy and become a global renewable energy powerhouse.

Kylie Walker, CEO of ATSE (pictured) said innovation is the life-blood of economic, social, health and environmental progress. We have a timebound opportunity to bring together Australia’s ingenuity and abundant natural assets to truly leverage our renewable energy advantage.

“The figures released in April have shown a continued decline in research and development (R&D) spending with total government spending on R&D reaching a low of 0.49%,” said Kylie Walker.

Australian Food and Grocery Council CEO Tanya Barden congratulated the government on banking most of the windfall gains in the budget which would help stabilise the economy.

Barden said: “This budget provides much-needed relief while initiatives such as the Small Business Energy Incentive can help small and medium food and grocery manufacturers invest in upgraded, energy-saving plant and equipment.

“This is sensible support for a vital industry that keeps supermarket shelves stocked but it still facing fragile supply chains, soaring input costs and subsidised foreign competitors.”

The Association of Australian Medical Research Institutes (AAMRI) welcomed the budget which it said outlined ongoing support for the health and medical research sector.

AAMRI President Professor Kathryn North and CEO Dr Saraid Billiards said they would continue to work with the federal government to ensure the sustainability and future proofing of Australia’s medical research sector. This includes supporting mid-career researchers.

“Our mid-career researchers are tomorrow’s scientific leaders. Australia has invested so much in this talented group, and without action to support them, we will lose them and the value they bring to our nation’s future scientific breakthroughs,” said Professor North.  

AAMRI is looking forward to the upcoming consultation process for a long-awaited national health and medical research strategy, which will firstly consider how to best govern Australia’s two major government funding sources: the Medical Research Endowment Account and the Medical Research Future Fund.

CEO of the Energy Efficiency Council Luke Menzel said the Budget was ‘a good night for energy efficiency, electrification and decarbonisation’.

Melzel said: “But lots of design detail to get into – it is crucial that these programs are designed well, meet the needs of industry and hit their market with the businesses and households they are meant to support.”

The council welcomed what it called two big new announcements on home energy performance, $300 million to upgrade social and public housing in partnership with states and territories and $1 billion for the Clean Energy Finance Corporation to upgrade the energy performance of homes.

“Fixing the energy performance of social housing is one of the best things we can do to shield the most vulnerable in our community from needlessly high energy bills.”

Picture: Kylie Walker