2022-2023 Budget: Supporting Innovation Vital to Building a Better Future

On 25 October 2022, Treasurer Jim Chalmers delivered the 2022-2023 budget, the first budget of the Albanese Labor Government.

The budget, dubbed “building a better future”, aims to deliver targeted cost of living relief and invest in Australia’s future.

The budget follows the previous Coalition Government’s 2022-2023 budget delivered on 29 March 2022 – and provides a slightly more optimistic economic outlook.

FAL’s Response to the Budget:

Quote attributed to FAL Lawyers co-founder and managing partner, Peter Francis:

With economic distress both in our rear view and on the horizon, the 2022-2023 budget gives us confidence that our economy in the best possible position – thanks to well- targeted investments in our people and our community.

As a firm, we have been extensively involved in research and technology commercialisation for almost three decades.

And throughout that time, we have seen first-hand the overwhelmingly positive impact that technology commercialisation can have on all Australians.

Therefore, we welcome the budget’s commitment to building a better future through innovation and technology.

Having worked considerably with universities and associated Cooperative Research Centres (CRCs), we have a deep understanding and appreciation the role that the higher education sector plays in developing new generations of innovators.
 

An additional 20,000 funded University places will ensure that higher education is more accessible. This will allow our higher education institutions to develop and nurture more highly skilled innovators – and spark the brains that will change the world.

And while support for university places is a long-term investment, the budget also invests in the present. Additional provisions for skilled migration will ensure Australia can attract and retain the best minds of today, enabling and fast-tracking the success of life-changing innovations.

Important measures to curb the cost of living, including the provision of new affordable housing, wage growth, parental leave increases, and childcare fee reductions are necessary to building a healthier, more productive society.

Other Responses to the Budget

Here’s what leading science, technology and research organisations had to say about the budget:

The AI Group said that, they welcome the budget’s commitments around childcare, parental leave, housing, migration, the energy transition, gas supply monitoring and trade facilitation. However, they would have liked to see more focus on the critical productivity agenda.

The Australian Academy of Science appreciates the Budget’s commitment to scientific engagement in the Asia-Pacific region, and welcomes its intention of providing $10.3M support for this purpose.

The Australian Academy of Technology and Engineering (ATSE) welcomed the Budget as a way to start energy transition and bolster Australia’s homegrown STEM workforce.

The Australian Chamber of Commerce and Industry (ACCI) calls the budget “modest and practical”. They stated that although this budget is a first step in the long process of repairing our nation’s finances, considerable long-term challenges remain.

The Australian Technology Network of Universities (ATN) is confident that the federal government has delivered on its election promises to higher education. They also recognise the budget acknowledged the role the higher education sector must play in Australia’s future success.

The Business Council of Australia (BCA) welcomed the budget’s investments to boost productivity. Furthermore, they also strongly support the government’s new skills package and migration intake announcement.

Cooperative Research Australia has welcomed the budget’s commitment to the translation of research, and collaboration between industry and research institutions for the benefit of all Australians.

The Council of Small Business Organisations (COSBOA) welcomes this budget’s foundations for small business recovery. However, they also highlight the need to consult the 2.4 million Australian businesses – and their employees – through the budget’s implementation phase.

The Group of Eight (Go8) calls it “a good faith budget” as it acknowledged that research-intensive universities contribute greatly to the nation’s innovations and productivity.

Science & Technology Australia (STA) acknowledges the budget’s modest, but important, investment in science. STA reiterated that, even in a strapped budget, science is the most important strategic investment a nation can make.

The Tech Council of Australia (TCA) welcomes the Budget measures and its pathway to creating 1.2M tech jobs by 2030, but considers that more needs to be done. The TCA noted that Australia is significantly under-investing compared to other nations. Furthermore, Australia also continues to under-invest in other areas of the tech sector where Australian companies are leaders, such as business-to-business software and fintech.

Universities Australia (UA) states that, the Budget’s investments in universities acknowledges their crucial role in building Australia’s long-term economic prosperity.

FAL Lawyers has significant experience in assisting innovation industries. If you have any queries about any of these sectors, please do not hesitate to contact our team.