With the release of the 2022-23 Federal Budget we look at some of the big ticket items that have been announced and what it means for innovation in the Northern Territory.
Sustainability
The government is investing almost $250 million over 5 years to support investment in low emissions technologies including hydrogen. The Territory is the host of one of the 13 regional hydrogen technology clusters across Australia and is well positioned to deliver on clean hydrogen production with our access to renewable energy options and export infrastructure.
The Territory is also one of four states and territories that will share in an 11-year, $7.1 billion investment which aims to make it a 'renewable energy hub'.
This is further supported by the infrastructure spending flagged in the budget with $1.5 billion flagged towards building new port infrastructure and dredging of the shipping channel, $200 million towards developing the Middle Arm Sustainable Development Precinct and $300 million to be spent on LNG, clean hydrogen production and carbon capture and storage in Darwin.
Advanced manufacturing
Advanced manufacturing is getting a boost with the $1.5 billion modern manufacturing strategy announced in the 2020-21 Budget being allocated an additional $328 million including $250 toward the integration and translation steams of the Modern Manufacturing initiative and $54 million to fund a 3rd round of the Modern Manufacturing Fund. $500 million will also support manufacturing in regions through a new regional accelerator stream of the Modern Manufacturing initiative.
Research
The government will provide almost $1 billion over 5 years on an ambitious research reform package to drive university-industry collaboration and research translation and commercialisation. This includes $500 million to establish Australia's Economic Accelerator grants, $150 million to expand the CSIRO's venture capital innovation fund and $38 million to establish CSIRO's Research Translation Start program to build the entrepreneurial capacity of the research workforce.
The patent box tax concession, providing concessional tax rates from profits generated from eligible Australian owned and developed patents has been expanded to cover agricultural sector innovations, low emissions technology innovations and medical and biotechnology innovations.