The Federal Budget, the first for the new Government, has delivered on the Government’s election promises, confirming a range of commitments with a notable cut to the Entrepreneurs’ programme.
Delivered on the eve of AusBiotech 2022, sector experts will be dissecting the Budget announcements, its implications for biotechnology and how will the new Budget will help or hinder the sector’s hard-won progress, during an engaging panel session on Friday.
The biotech sector was not specifically called out in top-line announcements, however, programmes around resilience still place ‘medical science’ as a key priority area.
The announcements included the confirmation of the establishment of a $15 billion National Reconstruction Fund that will co-invest in independently-assessed projects; the establishment of a ‘Future Made in Australia Office’ to deliver the ‘Buy Australian’ Plan; support for manufacturing skills, STEM talent, and leadership; and the redirection of the Modern Manufacturing Strategy funds to the National Reconstruction Fund.
The Government will provide welcome support of $23.3 million over two years for the TGA’s modernisation, despite some minor changes to cost recovery arrangements.
There has been a concerning cut to the Entrepreneurs' Programme; while AusBiotech understands the cuts are aimed at the delivery process, it will cut 75 per cent of the programme’s funds and therefore it’s unclear at this stage if it leaves a workable programme.
As the national voice of the biotechnology sector for more than 35 years, AusBiotech remains committed to communicating industry’s concerns, reducing barriers and amplifying opportunities.