Australia, Electric Trucks, Transport News

Federal budget broken down for transport industry

Check out the major funding announcements for the transport and freight industry made in the latest federal budget

The federal government has last night unveiled its latest budget for 2024-25, with plenty in it for the Australian transport industry.

While the transport sector wasn’t the big winner on the night, there is still plenty to be unpacked.

Renewable energy focus

The federal government’s latest budget splashes the cash when it comes to zero-emissions energy technology, with $8 billion provided over the decade to help Australia become a global player in the hydrogen and green energy industry. A further $7 billion over the decade will strengthen critical minerals supply chains, while solar manufacturing has also received $835.6 million in funding.

On the battery manufacturing side, $549 million over eight years will support the development of domestic battery manufacturing capabilities.

Infrastructure and road safety

The $120 billion infrastructure investment pipeline will prioritise regional Australian transport projects, with $541.7 million of the funding to deliver critical road upgrades in northern Australia.

Alongside this, $137.5 million goes towards the Nelson Bay Road – Williamtown to Bobs Farm project in NSW, while $80 million will be put towards the Lyell Highway – Granton to New Norfolk project in Tasmania.

These new announcements join the likes of funded projects in Western Sydney, Western Australia, Queensland, Tasmania, South Australia, Canberra and Victoria.

Victoria’s North East Link has gotten $3.25 billion, while the existing Appin Road project in NSW has received $50 million, and the ACT’s William Hovell Drive $27.1 million.

Overall road safety funding has also been increased substantially, with Roads to Recovery funding rising from $500 million to $1 billion per year, while both the Black Spot funding program (from $110 million to $150 million per year) and the Safer Local Roads and Infrastructure Program (up to $200 million per year) have been boosted.

Truckie tax relief

On the people side of funding the budget is providing a tax cut for all 13.6 million Australian taxpayers.

Under this relief, the federal government says truckies are one of the biggest career pathways that will benefit from a larger tax cut.

Freight rail

The Australian Rail Track Corporation (ARTC) is a big winner in the budget, with $540 million provided to improve the reliability of its interstate freight rail network.

This includes $150 million to upgrade the Maroona to Portland Line in Victoria.

On top of this, the METRONET projects in WA have received a further $1.4 billion while the Direct Sunshine Coast Rail Line in Queensland has received $1.15 billion.

New Vehicle Efficiency Standard

The new legislation, which was introduced for light vehicles in March, will receive $84.5 million in funding over five years to help establish the scheme.

This investment includes supporting a regulator and facilitating credit trading between manufacturers.

Liquid fuel

As part of the federal government’s Future Made in Australia plan, funding will fast-track a low-carbon liquid fuel industry focusing on reducing emissions in heavy vehicles, rail, maritime and aviation.

$18.5 million over four years will develop a certification scheme for low-carbon liquid fuels, while $1.5 million over two years will support a regulatory impact analysis of the costs involved in introducing mandates for low carbon liquid fuels.

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