Engineers Australia National Manager of Policy Jonathan Russell stated that while there appears to be declining investment, this represents the government shifting away from goal grants to state governments and towards more seed money for private corporations to create projects and find investors to support those projects.
The Federal Government have committed to a 10-year national infrastructure plan that seeks to reduce congestion, improve safety and create jobs.
The NPP was built by the Reserve Bank of Australia (RBA) alongside The Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), the Australia and New Zealand Banking Group (ANZ), and Westpac.
However, last night's budget announced that SBS will receive $14.6 million over two years.
Research across biomedtech programs will be bolstered by $94.3 million, which will be used to increase biomedical research and better integrate Australian researchers with the industry.
The road map pointed to the need to modernize the Australian Animal Health Laboratory in Geelong for its research supporting the livestock industry and for studies of emerging diseases that affect humans.
Here are the national projects that are now underway.
An investment of $29.9 million will be put toward growing Australian capabilities in AI and machine learning.More news: Rebels all round as Lords vote to stay in single market
But beyond building technical capabilities, this funding will also contribute to the development of standards and an AI ethics framework to identify future opportunities and help us navigate this courageous new world. The budget also allocated $37 million over three years for the Digital Earth Australia program to improve the quality of satellite data.
$106 million over four years will be spent to modernise the systems and IT infrastructure that support the delivery of Medicare, the Pharmaceutical Benefits Scheme, aged care and related payments.
The budget also included $13.1 million over four years to enhance the Australian War Memorial's (AWM) digitisation program.
Under Delivering Australia's Digital Future: Modernising business registers in the 2018-19 Budget, the ATO will get AU$16.6 million while ASIC gets AU$1.6 million, the Department of Industry, Innovation and Science gets AU$1 million, and the latter department pitches in AU$100,000. A cap of A$4 million will also be imposed on cash refunds.
"The APS has a long history advising successive Australian governments and serving the Australian people well, but a range of global, technological, and public policy developments are transforming our economy and our society, presenting both opportunities and challenges", Turnbull said on Friday.
"Building on the success of the [Multinational Anti-Avoidance Law] and the [Diverted Profits Tax], the government has introduced further measures to ensure that businesses are paying their fair share of tax", the report read.
The full 2018 Budget can be found here.