Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

This bill, Appropriation Bill (No. 2) 2024-2025, along with Appropriation Bill (No.1) 2024-2025 and Appropriation (Parliamentary Departments) Bill (No. 1) 2024-2025, are the budget appropriation bills for 2024-25. Appropriation Bill (No. 2) seeks approval for appropriations from the Consolidated Revenue Fund of $24.6 billion, incorporating decisions from this year's budget. I now outline the most significant items provided for in this bill.

The Department of Defence will receive close to $10.6 billion to support the implementation of the 2024 National Defence Strategy, including through major investments in military capabilities as well as enabling ICT capabilities and infrastructure. The Department of Infrastructure, Transport, Regional Development, Communications and the Arts will receive approximately $4.6 billion, including funding for government business enterprises to continue to deliver projects, including the Australian Rail Track Corporation for the Inland Rail program; WSA Co for the Western Sydney International Airport; NBN Co for the election commitment to boost fibre and to fast track the NBN Repair Job; and funding for Roads to Recovery.

The Department of Climate Change, Energy, the Environment and Water will receive $2.5 billion, including $1.6 billion for Snowy Hydro Limited to support continued construction of Snowy 2.0. And close to $650 million will be provided for Rewiring the Nation to continue expanding and modernising Australia's electricity grids at lowest cost, unlocking renewables and storage capacity, and driving down power prices.

The Department of Finance will receive over $1.5 billion, including additional equity for Comcover and Australian Naval Infrastructure, and a Snowy Hydro Limited construction loan. The Department of the Treasury will receive over $1.5 billion to provide funding for concessional loans to support social and affordable housing. The Australian Signals Directorate will receive over $1 billion to deliver major capital investments for foreign signals, intelligence and cyber capabilities.

Consistent with the 2023-24 appropriation bill, this No. 2 also contains an advance to the finance minister for provision of $600 million to provide the government with the capacity to allocate additional appropriations for urgent and unforeseen expenditure. This bill also seeks debit limits for payments under the Federal Financial Relations Act that will apply in 2024-25. They are as follows: $5 billion for general purpose financial assistance and $37 billion for national partnership payments. Full details of the proposed expenditure are set out in schedules to the bill, the explanatory memorandum and the portfolio budget statements. I commend this bill to the chamber.

Debate adjourned.