What does the 2022-23 Federal budget mean for our regions?
In the 2022-23 Federal Budget, handed down on Wednesday, 26 October 2022, there were a number of changes to funding programs. What are these changes, and how do the affect our regional areas?
In the first budget delivered by the Treasurer, the Hon Dr Jim Chalmers MP, it was announced that the Building Better Regions Fund (Round 6) (BBRF) would be discontinued, along with the Community Development Grants Program (CDG).
At this time, all contracted projects from Rounds 1-5 of the BBRF will be honoured, while uncontracted CDG projects announced by the former Government will be given the opportunity to be contracted and completed.
Supporting regions into the future
Although the BBRF and CDG programs have been discontinued, the Government has announced two new programs to provide funding opportunities in regional Australia. These are the Regional Precincts and Partnerships Program and the Growing Regions Program.
The Regional Precincts and Partnerships Program will provide a strategic, nationally consistent mechanism for funding and coordinating larger-scale projects that transform a place, to benefit communities in regional cities and wider rural and regional Australia.
The Growing Regions Program will replace the BBRF and provide new opportunities for investment in regions through an annual open, competitive grants process. The program is funded across three years.
Additionally, election commitments will be funded through the Investing in Our Communities Program for election commitments up to $5 million and the Priority Community Infrastructure Program for election commitments over $5 million.
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