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Federal Budget 2022: Other Measures

March 2022

For more on our Federal Budget insights, please click here.

Energy and emissions reduction

$446.1 million over 5 years has been provided to increase energy security, maintain affordable and reliable power for households and businesses and reduce the cost of deploying low emissions technologies. $247m of that is to support increased private sector investment in low emissions technologies including hydrogen, the continued development of a hydrogen Guarantee of Origin scheme, and the development of a Biodiversity Stewardship Trading Platform to support farmers to undertake biodiversity activities ahead of the introduction of a voluntary biodiversity stewardship market.

Another $148.6m is for the development of community microgrids and just over $50m to develop gas infrastructure projects.

An Australian Space Industry

The Government will provide $1.3 billion from 2021-22 to grow the Australian space sector and space manufacturing industry. This includes $1.2bn to establish a National Space Mission for Earth Observation to secure access to key earth observation data streams, build Australia's sovereign capability and enter agreements with international partners including for the procurement and operation of Australian Satellite Cross Calibration Radiometer satellites. And, $65.7m to fast track the launch of space assets.

Australia's position in the Asia Pacific

For those of you who have been watching the reaction to the Solomon Islands security agreement with China, the appearance in the Budget of infrastructure investment in the Pacific will come as no surprise.

The Government will increase the Australian Infrastructure Financing Facility for the Pacific to $3.5 billion, supporting additional infrastructure investment in the Pacific. This includes projects in Papua New Guinea to improve roads and power. An additional $650m will provided as a loan for PNG's COVID-19 recovery.

$245.5m will be spent over 5 years on the partnership with India. A new Chancery for the Australian High Commission in Honiara. And, $324.4m to Pacific Island countries and Timor Leste to support their COVID-19 recovery.

Infrastructure projects

Just prior to the Budget's release, the Government announced $17.9bn in new and additional funding for existing infrastructure projects. Full details of infrastructure funding are on the Infrastructure Investment Program website.

Australian Capital Territory

New projects:

  • $46.7 million for the Athllon Drive Duplication
  • $2.8 million for the Kent Street and Novar Street Intersection Upgrades
  • $1.5 million for the Inner Canberra Corridor Planning Package

New South Wales

New projects:

  • $1 billion for the Sydney to Newcastle – (Tuggerah to Wyong) faster rail upgrade
  • $336 million for the Pacific Highway – Wyong Town Centre
  • $264 million for the Newell Highway Upgrade – Heavy Duty Pavement Upgrades – North Moree
  • $232.5 million for Mulgoa Road Stage 2 – Glenmore Parkway to Jeanette Street, Stage 5A Blaikie Road to Jamison Road and Stage 5B Jamison Road to Union Road
  • $100 million for the Southern Connector Road, Jindabyne
  • $95.6 million for the Picton Bypass and Picton Road – Planning
  • $77.5 million for a business case for Stage 2 of the Sydney Metro – Western Sydney Airport line

Additional funding for existing projects:

  • $352 million for the Milton Ulladulla Bypas      
  • $65 million for the M5 Motorway – Moorebank Avenue – Hume Highway Intersection Upgrade

Northern Territory

New projects:

  • $132 million for Central Australian Tourism Roads
  • $55 million for the Tiger Brennan Drive/Berrimah Road Intersection Upgrade

Queensland

New projects:

  • $1.6 billion for the Brisbane to the Sunshine Coast (Beerwah-Maroochydore) rail extension
  • $1.121 billion for the Brisbane to the Gold Coast (Kuraby – Beenleigh) Faster Rail Upgrade
  • $150 million for the Brisbane Metro – Woolloongabba Station
  • $396 million for the South East Queensland City Deal
  • $27.2 million for three business cases for upgrades on the Bruce Highway between Anzac Avenue and Caboolture Bribie Island Road
  • $22.5 million for Brisbane Olympic and Paralympic Games 2032 business case development 
  • $20 million for safety upgrades on the Brisbane Valley Highway

Additional funding for existing projects:

  • $68.5 million for the Cooktown to Weipa Corridor Upgrade bringing the total Australian Government funding to the corridor to $258.5 million
  • \11.5 million for the Tennant Creek to Townsville Corridor Upgrade bringing the total Australian Government funding to the corridor to $211.5 million

South Australia

New projects:

  • $200 million for the Marion Road – Anzac Highway to Cross Road
  • $120 million for the Adelaide Hills Productivity and Road Safety Package
  •  $60 million for the South East Freeway Managed Motorways – Stage 2
  • $60 million for the Targeted Investments to Improve National Supply Chain Resilience
  • $16 million for the Main South Road Productivity Package

Additional funding for existing projects:

  • $2.264 billion for the North South Corridor – Torrens to Darlington, 
  • $40 million for the Horrocks Highway Corridor
  • $20 million for the Marion Road and Sir Donald Bradman Drive Intersection Upgrade.

Tasmania

New projects:

  • $336 million for the Tasmanian Roads Package – Northern Roads Package – Stage 2
  • $100 million for the Great Eastern Drive Tourism Support – additional packages
  • $96 million for the Tasmanian Freight Rail Revitalisation Program – Tranche 4
  • $56 million for the Tasmanian Roads Package – Tasman Highway Sideling Upgrade – Stage 2
  • $24 million for the Bell Bay Line – Reconnection to the Bell Bay Wharf
  • $14.4 million for the Melba Line Bulk Minerals Rail Hub
  • $13.5 million for the Hobart – Northern Transit Corridor Solution

Victoria

New projects:

  • $3.1 billion in new commitments to deliver the $3.6 billion Melbourne Intermodal Terminal Package:
    • $1.2 billion for the Beveridge Interstate Freight Terminal in Beveridge, taking the total investment to $1.62 billion
    • $280 million for Road Connections, including Camerons Lane Interchange, to the Beveridge Interstate Freight Terminal
    • $740 million for the Western Interstate Freight Terminal in Truganina
    • $920 million for the Outer Metropolitan Ring – South Rail connection to the Western Interstate Freight Terminal
  •  $109.5 million for the Mickleham Road Upgrade

Additional funding for existing projects:

  • $45 million for the Ballarat to Ouyen – Future Priorities
  • $23.1 million for the Canterbury Road Upgrade

Western Australia

New projects:

  • $145 million for the Thomas Road – Dual Carriageway – South Western Highway to Tonkin Highway and interchange at Tonkin Highway
  • $140 million for Regional Road Safety Upgrades
  • $100 million for the METRONET: Morrison Road Level Crossing Removal
  • $50 million for the Tonkin Highway – North Ellenbrook Interchange
  • $48 million for the Moorine Rock to Mt Holland Road Upgrades
  • $40 million for the Newman to Katherine Corridor Upgrade - Great Northern Highway Upgrade - Newman to Port Hedland Overtaking Lanes

Additional funding for existing projects

  • $320 million for the Bunbury Outer Ring Road (Stages 2 and 3)
  • $20 the METRONET: Yanchep Rail Extension

More from the Budget

Federal Budget 2022: A Budget for the Ballotbox

Federal Budget 2022: For you and your family

Federal Budget 2022: Your Super

Federal Budget 2022: Business and Employers

Federal Budget 2022: Education and Training

Federal Budget 2022: Government and Regulation

Federal Budget 2022: The Economy

 


 

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.

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