![]() (Or, if the cost of higher aged care was correctly considered as a policy decision, then those 2 figures would be $32 billion and $14 billion.) Government policy decisions just tipped another $20 billion into the Australian economy - $12 billion alone of that in the financial year that’s just about to start. The Lucky Country remains exactly that – spectacularly lucky Changes to the Petroleum Resource tax will raise $2.4 billion in revenue (though as The Australia Institute notes, this is less than the tobacco tax) $38.2 million over 4 years to establish Guarantee of Origin Certificate Scheme to track and verify emissions associated with hydrogen/low emissions products $741.3 million over 5 years to Natural Heritage Trust to support environmental and agriculture outcomes $10 million over 2 years to consumer behaviour change program for waste $28 million over 2 years to develop Australia’s first National Climate Risk Asssessment and National Adaptation Plan $18.1 million to implement reforms to the operation of the Australian Carbon Credit Unit scheme (with $3.5 million to establish Integrity Committee) $236 million over 10 years to remediate high priority flood warning infrastructure $148.6 million over 4 years to the sustainability of the Murray-Darling Basin (with the bulk going toward preparation of a statutory review of the Murray-Darling Basin Plan) $214.1 million over 4 years to deliver Nature Positive Plan (including $121 million to establish Environment Protection Australia, $7.7 million to develop Nature Repair Market rules, $34 million to implement Nature Positive Plan, and $51.5 million to establish Environment Information Australia) $163.4 million over 4 years for ongoing financial sustainability of the Australian Institute of Marine Science $355.1 million over 4 years to protect Commonwealth National Parks and marine reserves (though only a portion of this is to threatened species protection) $83.2 over 4 years to establish a national Net Zero Authority to promote economic transformation toward net zero emissions $14.2 million over 4 years to support a sustainable finance agenda (ie. $3 billion of the National Reconstruction Fund earmarked for renewables and low emissions technology $12 billion of $20 billion to ‘rewire the nation’ transmission projects that seek to build an 82% renewable grid by 2030 $2 billion to accelerate development of hydrogen industry/support renewable hydrogen production Here is an environment focused summary of the 2023 Australian Federal Budget: This has fallen short and in my opinion won’t be able to deliver on the “no new extinctions” promise. To address the nature and biodiversity crisis, Australia will need to spend approximately $2 billion annually for 30 years. (This was also noted via Professor Euan Ritchie on Twitter at the detailed budget did commit to a range of environmental measures with a clear signal to a renewables-led economy. The words ‘climate change’, ‘nature’, ‘wildlife’, and ‘environment’ did not feature in Treasurer Jim Chalmer’s budget address last night. ![]()
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