Budget 2024: My top 5 takeaways for the engineering profession

Unveiled against a backdrop of economic challenges, cost of living pressure and rapid technological advancement, #Budget2024 lays out a blueprint for Australia’s future. Engineers will play a crucial role in bringing these policies to life, ensuring that the vision of a greener, smarter Australia becomes a reality.?

Here are my top 5 takeaways:?

A Future Made in Australia:?

The Future Made in Australia framework is our first true generational plan to tackle the energy transition head-on. We're moving from market-led decisions to strategic investments, leveraging our natural advantages to be competitive and sustainable. This isn't just about going green; it's about making it economically viable on a global scale.?

More is needed though. Unleashing the engineering workforce right across industry, boosting engineering skills in government, and investing in more engineering research and development are the keys to creating the innovation and value-add that the government envisions.?

Renewable Energy and Sustainability?

A significant $19.7 billion has been earmarked to establish Australia as a renewable energy superpower, focusing on hydrogen energy, green metals, solar, and battery technology. Engineers specialising in renewable energy will find numerous opportunities to contribute to the transition to a low-carbon economy.??

The budget's emphasis on sustainability highlights the critical role of engineers in designing and implementing these technologies. We need to significantly boost engineering innovation to fast-track the shift and it’s crucial we develop a detailed, collaborative plan for long-term infrastructure.??

Investment in Innovation and Technology?

The budget allocates $68 million as part of a broader $1.7 billion commitment to elevate Australia in the global tech arena. This includes $566.1 million for resource mapping, $466.4 million for quantum computing, and $448.7 million for international collaboration in satellite technologies. These investments are poised to drive demand for engineers with expertise in advanced manufacturing and cutting-edge technologies. As these sectors grow, engineers will be at the forefront of developing and implementing new technologies, solidifying Australia’s position as a leader in innovation.?

Education and Workforce Development?

The budget provides a boost to education and workforce training with $91 million for the VET sector, $55.6 million for Building Women’s Careers in traditionally male-dominated industries, and $38.2 million to increase diversity in STEM fields. Additionally, $10 million in 2025-26 is allocated for a National Hydrogen Technology Skills Training Centre. However, more substantial investment is needed to prepare the workforce for the seismic shifts required by the energy transition. Engineers will need upskilling or reskilling to keep pace with rapidly evolving technologies.?

The new Commonwealth Practical Payment, offering $319.50 a week to students in fields like teaching, midwifery, and social work during their practical placements, must be extended to STEM students. Given the critical shortage of engineers, extending this support to engineering students is essential.??

Research and Development?

It is clear that more substantial investment in R&D will be crucial for the success of the Future Made in Australia agenda, and the ?Government has signalled its intention to take a strategic look at our R&D system. Pumping significant resources to R&D for universities and research organisations like the CSIRO can drive innovation and support the development of cutting-edge technologies. This will attract talent and foster collaboration between universities, research institutions, industries, and the government, enhancing Australia's global competitiveness in technology and innovation.?