Circular Australia has released its analysis of the October 2022 Federal Budget, highlighting the government’s reallocation of funding to core carbon and waste initiatives. Notably, the Budget allocated an additional $60 million towards plastics recycling and reducing hospital plastic waste, which contribute to approximately seven per cent of national emissions. Circular Australia views this as a tangible response to the broader, cross-jurisdictional commitment to advance circular economy principles, including designing out waste, keeping materials in use, and regenerating natural systems, as agreed by Environment Ministers.
The analysis notes that the Budget also supports local industry and manufacturing through targeted investment, exemplified by $113.6 million designated for domestic manufacturing upgrades across biotechnology, advanced manufacturing, and low-carbon zinc production. Circular Australia interprets these measures as foundational to unlocking the estimated $2 trillion economic opportunity inherent in a national circular economy transition.
Details of the Budget include:
- An additional $60 million allocated to plastics recycling and hospital plastic waste reduction initiatives.
- Funding aligned with national circular economy principles: design out waste, extend material use, support regenerative systems.
- $113.6 million invested in manufacturing upgrades, spanning biotech, advanced manufacturing, and low-carbon zinc.
