Australia’s new government has announced a boost of 1.43 billion Australian dollars ($926 million) to its official development assistance over the next four years. The Australian aid budget for the 2022-23 financial year will increase by AU$97.6 million on the previous budget announced in May, taking the total to AU$4.65 billion for the year.
The announcement, delivered in Canberra on Tuesday, is just one of many changes being delivered by the new government led by Anthony Albanese who came into power in May. This includes an election promise of a 2.5% annual increase in the aid budget to be delivered in forward forecasts that will continue to see aid grow, with the hope that it will increase ODA as a percent of gross national income from the current low base of 0.2%.
New funding allocations show a continued focus on the Indo-Pacific region but also Australia’s response to growing economic constraints and humanitarian crises globally.