The government-owned company responsible for building the National Broadband Network receives its final piece of the initial allocation of its $29.5 billion in public funding in this year's Budget, but any further cost over-runs might require more money from the taxpayer purse if private investment cannot be found.
Tagged With budget 2016
"Big improvements in the nation's defence capability also support innovation and skills development in advanced technologies," Scott Morrison said in his 2016-17 budget speech this evening. The 2016 Defence White Paper has revealed an additional $29.9 billion budgeted for Defence, and brings investment in capability to an "unprecedented" $195 billion over the decade to 2025-26.
On the shopping list? 12 new "regionally-superior" submarines, nine future frigates and 12 offshore patrol vessels are expected to "drive jobs and growth in the new economy we are building".
The 2016-2017 Australian Government Budget was handed down tonight, revealing details and funding for the Innovation and Science Agenda, CSIRO research into Bitcoin's Blockchain technology, the Cyber Security Strategy, initiatives to help save the Great Barrier Reef and hi-tech job creation in the defence industry.
Here's every word of Scott Morrison's speech.
The Office of the Australian Information Commissioner has been spared by the 2016 Federal Budget, after repeated attempts by government to de-fund and shut down the office were stymied by Opposition in the Senate. Tonight's budget confirms that the OAIC, which deals with digital privacy, freedom of information and information policy for Australia's federal bodies, will be funded for the next term of government.
"This initiative is not just about keeping Australia safe," Scott Morrisson said of the Federal Government's cyber security strategy in his budget speech this evening. "It is an important part of our economic plan for jobs and growth."
$195 million has been set aside, building on the $38 million announced in the National Innovation and Science Agenda.
The government's just-announced 2016 Federal Budget will see the "encouragement" of private companies and the government itself exploring blockchain technology, the peer-to-peer protocol popularised by bitcoin. New legislation, too, will ensure that Australian citizens are not double-taxed when they use, buy and sell digital currencies like bitcoin itself.