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Federal Budget 2023

Technology

Budget 2023: $101 million to help Australian businesses adopt AI and quantum tech

The Australian government is the latest entity to climb aboard the AI hype train, and it wants you to join it! As the 2023 federal budget reveals, it wants to support businesses with AI adoption.
Tegan Jones
Tegan Jones
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Source: AAP Image/ Lukas Coch

The Australian government is the latest entity to climb aboard the Artificial Intelligence (AI) hype train, and it wants you to join it! As the 2023 federal budget reveals, it wants to support businesses with AI adoption.

Last week the Minister for Industry and Science, Ed Husic, announced Australia’s first national quantum strategy. This makes up part of the $1 billion from Labor’s National Reconstruction Fund that has been set aside for critical technologies.

As it turns out, AI and quantum go hand-in-hand when it comes to the budget, with both industries only being mentioned together.

According to the budget papers, $101.2 million over five years will be used to support small businesses integrating quantum and AI technologies into their operations.

This will be instituted across a number of initiatives, including:

  • Supporting the adoption of AI technologies by small and medium enterprises to improve business processes, as well as increase trade competitiveness. It’s currently unclear exactly how the Labor government will ‘support’ the adoption of AI by small and medium businesses in Australia.
  • Expansion of the National AI centre, as well as its role in “supporting responsible AI usage through developing governance and industry capabilities
  • Establishing a  Critical Technologies Challenge Program that supports projects using “critical technologies to solve significant national challenges.” This will initially focus on projects utilising quantum computing.
  • Establishing an Australian Centre for Quantum Growth to support the commercialisation of Australia’s quantum industry.

While AI is certainly nothing new, it has exploded in popularity within the big tech space over the last six months.

This was largely due to the release of ChatGPT — a generative AI chatbot from Open AI that went viral within a week.

Since then it has seemed that most major players in the space rushed to release their own competitors, or ChatGPT integrations into existing products.

Google Bard and Microsoft Copilot have both gone into beta this year, with the latter releasing a dedicated cybersecurity-focused version on the same day it let go of employees who were reportedly working on cybersecurity projects.

Adobe and Canva also announced their own AI integrations within days of one another, with Slack following suit just last week with Slack GPT. 

To see SmartCompany‘s full budget coverage, click here.

Explore the series

Federal Budget 2023

SmartCo’s coverage of the Federal Budget 2023.

  1. Your A-Z for the 2024 federal budget: The ultimate glossary
  2. Government plans to push for $1 billion small business tax break ahead of June 30 deadline
  3. Budget 2023: What the halving of the PAYG and GST instalment increase means for small business
  4. Small businesses must start planning as two key tax measures are set to end on June 30
  5. Small gains, big crackdowns: What the tax measures in the budget mean for small business
  6. “Hurts working Australians”: Peter Dutton addressed cost-of-living in budget reply
  7. Exclusive: Small Business Minister Julie Collins on how SMEs can get the most out of budget 2023
  8. Opinion: Why scrapping the Entrepreneurship Facilitators program affects the most vulnerable
  9. Fake news watchdog and digital IDs: The hidden announcements you might have missed in budget 2023
  10. How the federal budget may change the RBA’s view on interest rate hikes
  11. 325,000 extra Australians help Labor deliver the first surplus since Costello
  12. Explained: The $20,000 instant asset write-off and how small business got here
  13. Budget 2023: $111 million cut from self-employment training program with entrepreneurship scheme facing axe
  14. “Not on the sideline, not in the spotlight”: COSBOA’s Matthew Addison reviews the budget for small business
  15. “Smoke and Mirrors”: Startups react to the 2023 budget
  16. Budget 2023: ACCC to begin work on “super complaints” pathway to fast-track small business grievances
  17. Budget 2023: Upgrade your Prius, because benefits for hybrids are set to end by 2025
  18. Budget 2023: ATO offers late payment penalty amnesty to SMEs as it claws back billions in COVID-era debt
  19. Budget 2023: $101 million to help Australian businesses adopt AI and quantum tech
  20. Budget 2023: PAYG and GST instalment increase halved to boost cash flow for 2.1 million small businesses
  21. Budget 2023: $392.4 million for startups and SMEs from new Industry Growth Program
  22. Budget 2023: $290 million instant asset write-off scheme extension promises $20,000 threshold for small businesses
  23. Budget 2023: Budget shows Labor – finally – recognises how vital small businesses and startups are to Australia’s economy
  24. Ten things startups need to know about the 2023 federal budget
  25. Budget 2023: $23.4 million for small business cyber wardens program, delivered by COSBOA
  26. Budget 2023: 13 key measures for small business in the 2023 federal budget
  27. “Women small business owners are an untapped resource”: Here’s how budget 2023 should prioritise them
  28. $1.5 billion in ‘bonus’ tax deductions for small business stuck in legislative limbo despite bipartisan support
  29. Budget 2023: 13 things SMEs and startups need to know for Tuesday
  30. Half of Australia’s GDP: Why the budget should focus on SME growth
  31. Energy relief, JobSeeker and more put Labor’s cost-of-living package at $14 billion
  32. Budget 2023: Small business expects lower spending, but calls for red tape reduction and support
  33. 65% of SMEs don’t expect the federal budget to help them: MYOB survey
  34. Budget 2023: Startup founders call for tax breaks and sustainability pledges
  35. Budget 2023: Seven predictions for how small businesses could benefit
  36. SMEs face obstacles in Chalmers’ $20k tax break for installing solar and more
  37. Giving small businesses a better deal in the upcoming federal budget a top priority for 72% of Australians: MYOB survey
  38. Up to $20k tax break for SMEs that install solar, electrify heating, and more in pre-budget promise
  39. Social enterprises can help with the budget bottom line. Here’s how
  40. Six “urgent” actions the government can take to support women in the 2023 federal budget
  41. Thirteen ways to bridge the $70 billion a year deficit in our budget
  42. Federal budget 2023 is an opportunity to make SMEs cyber secure

About the author

Tegan Jones

Tegan Jones

Deputy editor

A multi-award-winning journalist, Tegan has been reporting on technology, telecommunications and gaming for the past 10 years. She regularly appears on mainstream media channels as an expert tech commentator. Her previous roles include editor of Gizmodo Australia and global reviews editor at Finder. She has also served as a reporter and editor across Business Insider, Lifehacker and Kotaku Australia. Tegan is also the co-host of one of the top technology podcasts in Australia, Weird Tech. You can find her on Twitter @Tegan_Writes.

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