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Politics

Budget 2024: Here’s what tech minister Ed Husic says are the highlights

- May 14, 2024 3 MIN READ
Ed Husic
Science, tech and industry minister Ed Husic
Startup Daily’s had a look at the 2024 federal budget and has a slightly different view to the minister for industry, science and technology, Ed Husic, on what it has to offer.

Like many in the sector, we’ve been waiting patiently for the moment where startups are recognised as an extraordinary opportunity by the government, at a time where the sector is also feeling feel the pain of tougher economic circumstances.

On Budget night, our email inbox is swamped by government releases like a ticketing website when Taylor Swift announces a concert.

There was just one mention of startups: a $4.8 million package to help startups launch into Indonesia and Vietnam.

This is the government putting its very best foot forward.

So here’s what minister Husic has to say. Verbatim:

The Albanese Labor Government understands industry and science are the cornerstones of a strong economy that will enable Australia to be a country that makes more things here.

Our $22.7 billion Future Made in Australia package recognises immense opportunities for Australia and its people lie at the intersection of industry, energy, resources and skills.

We know great ideas can help create great products and great well-paying jobs.

Powering Australian manufacturers toward net zero

The Albanese Government is committed to supporting Australian manufacturers to capture the immense, once-in-a-generation opportunities to capitalise on our competitive advantages and create more secure jobs:

Investing more than $500 million to establish the Battery Breakthrough Initiative to grow Australia’s battery manufacturing capabilities. This investment will see Australian industry secure more value from our natural resources, diversify global battery supply chains and support the global transition to net zero. This will complement the Government’s significant investment in critical minerals through a new production tax credit and additional exploration of highly prospective regions.

Investing $1 billion in the Solar Sunshot program to supercharge Australia’s ambition to become a renewable energy superpower.

Developing a pathway to support green metals manufacturing, by undertaking consultation to position Australia as a world-leader in green steel, aluminium, alumina and processed iron. This consultation will complement the $1.7 billion Future Made in Australia Innovation Fund, which will unlock private capital across new industries including green metals and batteries.

Strategic examination of Australian research and development

Greater investment in research and development (R&D) by businesses in Australia is fundamental to maximising the impact of science, research and innovation on Australia’s long-term prosperity, security and wellbeing.

The Government will commission a strategic examination of Australia’s R&D system to determine how we can get more value from every taxpayer dollar invested in research, maximise the contribution of science and R&D to the broader economy, and maintain our competitive edge.

Meet growing demand for STEM workers

To support the development of a thriving, skilled and diverse STEM workforce to build a Future Made in Australia, the Government will invest $38.2 million in its response to the Pathway to Diversity in STEM Review.

This investment will scale up the Government’s Women in STEM programs and science engagement programs that are driving positive change to attract and retain more people from diverse backgrounds in STEM education and careers.

The measures in the 2024-25 Budget build on Government investments that will shape and strengthen Australia’s future, including the $15 billion National Reconstruction Fund Corporation and the $392 million Industry Growth Program.
These measures support Australian know-how, Australian businesses and new jobs – including for women and people from diverse backgrounds.

They will position Australia to build a Future Made in Australia to maximise the economic and industrial benefits of the move to net zero and secure our place in a changing global economic and strategic landscape.

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