Federal 2024-25 Budget wrap up for biotech


The 2024 Federal Budget announcements included predominantly pre-announced commitments, with some new initiatives and policies, delivered through the third Albanese Government Budget -  their final before the election cycle begins again.

AusBiotech looks forward to working with Government and understanding the details beneath the top-level notice. The multi-portfolio nature of biotech is reflected in Tuesday’s announcements.

For the biotech industry, headlines included the reiteration of Government’s commitment to invest up to $5 million in grants through the Industry Growth Program, as part of its ‘Future made in Australia’ agenda; $18.8 million into the National One Stop Shop (NOSS) for clinical trials; $1.4 billion in MRFF missions, including a new 10-year low survival cancers mission and new 10-year reducing health inequities mission; $62 million in research grants to 26 clinical trials across the country, as part of the MRFF’s Clinical Trials Activity initiative; and $411m to support 229 researchers via the NHMRC.

The Albanese Government also announced the development of a National Health and Medical Research Strategy (National Strategy) to build on our national strengths and fill any gaps, while attracting researchers and investors. The need for a National Strategy has been one of the consistent messages the Government has heard from the health and medical research sector (read AusBiotech’s submission here); the National Strategy will cover the entire sector and include all levels of government, industry, philanthropy, academia and consumers.

New announcements announced through the Federal Budget included the implementation of a new National Innovation visa, thereby replacing the current Global Talent visa; $9 million for increased operational costs for the NHMRC, $15.7 million to support industry analytical capability and coordination of AI policy development, regulation and engagement activities across government, including to review and strengthen existing regulations including in the area of health care, and $15.7 million for Treasury to strengthen and streamline Australia’s foreign investment framework.

Additionally, $68 million over four years has been announced to establish “a single front door for major investors”, thereby attracting investment in key industries to support a Future Made in Australia. Of this, $54.7 million over two years will administer, coordinate and promote the Government’s agenda, including the development of legislation that establishes a ‘National Interest Framework’ and consultation with industry, investors and major stakeholders on the development of a ‘single front door’ that improves the attraction and facilitation of major investment proposals. AusBiotech looks forward to engaging with Government further to understand what areas are included as ‘key industries’.

As the national voice of the biotechnology sector for more than 38 years, AusBiotech has been committed to communicating industry’s concerns, reducing barriers and amplifying opportunities. It was pleased to deliver a comprehensive wrap-up of announcements for life sciences to its members.