The Australian government presented its federal budget on the evening of May 14, outlining the nation’s future plans.
The Albanese Labor government has earmarked $76.2 million (US$50 million) over the next five years for involvement in “international climate change” matters.
This funding includes support for Australia’s bid to host the upcoming UN Conference COP31 in collaboration with Pacific nations.
The budget documents also reveal that funding for the Net Zero Authority will more than double, with discussions scheduled in Parliament on May 15.
Treasurer Jim Chalmers delivered the 2024-25 Budget at 7.30 p.m. on May 14, highlighting the government’s focus on assisting with the cost of living, housing construction, and investment in local manufacturing to facilitate the net zero transition.
The government plans to allocate millions of dollars to the Department of Climate Change to engage with the U.N. Framework Convention on Climate Change, G20, and the International Energy Agency to enhance trade opportunities and security relationships with key partners.
The budget states, “The government will provide an additional $76.2 million over five years from 2023–24 to support Australia’s continued engagement in international climate change and energy transition issues.”
This includes a bid to co-host the 31st Conference of the Parties (COP31) with the Pacific and initiate planning in the event of a successful bid.
$1 Billion For the Net Zero Authority Over Next 10 Years
Further detailed in the budget documents is over $1 billion allocated for the Net Zero Economy Authority over the next decade, surpassing the initial announcement by Prime Minister Anthony Albanese and Chris Bowen in March 2024.
This funding includes $399.1 million over five years starting from the 2024 financial year, along with an additional $616.8 million between the 2029 and 2035 financial years.
Additionally, an extra $93.4 million per year will be allocated to sustain the Authority.
The inclusion of funding for the authority in the budget indicates Labor’s confidence that the bills will garner support to become law.
Opposition Treasurer Responds
Shadow Treasurer Angus Taylor expressed concerns about the billions of dollars in new expenditures in the budget.
“In this Budget, Labor has added $315 billion of new spending, at a time when we need restraint. That’s $30,000 of extra spending for every Australian household,” he stated in a release to The Epoch Times.
Mr. Taylor criticized the federal budget as a “big spending, big taxing con job.”
“Tonight we needed a budget that restored budget discipline and honesty by curbing spending, reinstating fiscal guardrails, implementing a tax to Gross Domestic Product cap, and delivering a structural surplus, not a windfall surplus,” he added.
The shadow minister also noted the Albanese government’s expansion of the public service with an “astonishing 36,000 additional bureaucrats in Canberra.”
Treasurer Spruiks Responsible Budget
However, Treasurer Jim Chalmers defended the budget as responsible, aimed at supporting people under pressure. He highlighted tax relief for Australians and a $300 energy rebate to help with cost of living pressures.
“Our new tax cuts for middle Australia are a significant part of the cost of living relief in this Budget. From July 1, all 13.6 million taxpayers will receive a tax cut,” he explained.
“Just as every Australian taxpayer will receive a tax cut, every Australian household will benefit from energy price relief. Starting on July 1, Australians will receive an energy rebate of $300—and one million small businesses will receive additional support.”
