Regional funds re-jigged
Over a billion dollars’ of previous promises for regional areas were scrapped in this week’s budget.
The latest budget shows a $1.4 billion saving for “responsible investment to grow our regions”.
Previous energy security and regional development plans are being slashed by $6.4 billion.
Just $672.7 million of spending has been kept in that program, which will be spent over seven years to help the Pilbara in Western Australia, the Hunter in NSW and central Queensland. The Northern Territory is now off the list.
The regional accelerator program set up by the Coalition in its March budget promised $2.1 billion for regional manufacturing and industry development. That scheme has now been gutted, with $1.8 billion cut.
A former community development grant program has been axed too, saving $802 million, while the building better regions fund is gone too, saving $256 million.
The schemes have been replaced by an Albanese government promise of $1 billion over three years for the growing regions program and regional precincts and partnerships program. It says this funding will be allocated under “competitive” grants programs, following concerns about pork-barrelling that haunted previous funding.
Labor will spend $1 billion over five years for the priority community infrastructure program, including $120 million for the central Australia plan, as well as $350 million over five years to deliver small-scale community, sport and infrastructure projects.
Labor has also announced a $1.9 billion equity injection to the Middle Arm sustainable development precinct in the Northern Territory.