Yesterday’s budget will continue to undergo the grand reveal over the coming days, and fine details will be pored over.
But a point of consensus will be that resources are have been big winners, with the sector receiving a 10 per cent budgetary windfall within a year.
The government is allocating investment in processing, infrastructure and export capabilities to take advantage of soaring commodity prices in rapidly emerging new technology markets.
Critical Minerals
A $2 billion Critical Minerals Facility for loan capabilities to help secure supplies of vital resources was the big-ticket set to cause a new wave of exploration across the country.
An additional $200 million in grants will be available through a Critical Minerals Accelerator initiative to speed up development and attract the private sector, plus a $50.5 million Critical Minerals Research and Development Centre.
A $328.3 million initiative commitment will boost downstream processes of critical minerals and provide confidence to explorers.
Companies looking to advance environmental surveys to strike into hot commodity markets could get a speed boost with $128.5 million in ecological law reform for streamlining approval processes.
Fossil fuels
A massive $7.1 billion was included to power up to four key fossil fuel regions and build energy security.
A 5-year $148.6 million will grow investment in affordable and reliable power, including microgrids in less-populated parts of the country.
The natural gas sector seen as key for transition will receive $50.3 million in grants to accelerate priority infrastructure and storage projects.
Renewable energy
The Low Emissions Technology Commercialisation Fund provided a $500 million boost for developing new green technologies and $158.7 million in funding to support two additional clean hydrogen hubs.
Australian Renewable Energy support of $84 million is aimed at building private sector investment in green technologies.
Infrastructure and logistics
Infrastructure spending is certain to aid a number of juniors with a $2 billion increase to the Northern Australia Infrastructure Fund and $400 million for Outback Way, the great road kicking off at Laverton and crossing through Alice Springs and major mining regions en route to Winton in Queensland.
Included was a $1.5 billion investment in the Pilbara to increase mineral processing, focusings on a low-emission, next-generation export hub.
Environmentally minded transportation gets a hand with a fresh $177.7 million for the Future Fuels Fund supporting heavy and long-distance freight technologies and hydrogen refuelling stations.
Skills
Seekers of skilled workers hampered by border closures welcome a further $2.8 billion on apprentice schemes and an increase in net migration with an additional $3.7 billion ticketed for small businesses to invest in training.
More budget news to come as it happens.
