Environmental reforms to get $500 million boost in bid to unlock housing, critical projects
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The news: The federal government has earmarked $500 million in the 2026 budget to implement reforms to the Environment Protection and Biodiversity Conservation (EPBC) Act.
The changes are expected to streamline approvals and help boost housing supply and investment in critical projects. Speeding up these reforms has been a critical recommendation of the Productivity Commission and was one of the commitments made in the aftermath of the economic reform roundtable.
Funding will be given to states and territories to incentivise them to take-up streamlined environmental assessment pathways and remove duplication.
The numbers: This additional funding is on top of $2 billion set aside to help build infrastructure required to unlock housing development. The EPBC reforms are expected to speed up housing approvals.
The new funding package consists of $105.9 million over four years from 2026-27 to provide better access to information, improve the user experience including via AI, and provide better access to environmental data. It also includes $70 million over those four years to fast-track approvals in conjunction with states and territories in housing, energy and critical minerals.
Over the first two years, $36.9 million will be provided for the Nature Repair Market and deliver environmental offsets, $28 million is earmarked to support forestry operations and $13.2 million will be dedicated for the establishment of the new Restoration Contributions Holder, an independent office to manage funds and deliver environmental offsets.
The government’s media release said that its EPBC housing team has approved 20,000 homes and is expected to meet its 26,000-home target by July. It also notes that 140 renewable energy projects have been approved since the May 2022 election.
What they said: Treasurer Jim Chalmers said fast tracking approvals for priority projects is “a key part of our comprehensive package of productivity reforms in the budget”.
“Our big productivity push is all about getting compliance costs down and cutting red tape, making it easier and faster to build, and making Australia a more attractive place to invest and that’s what we’re doing through the EPBC,” he said.
“More efficient approvals mean projects get off the ground quicker and Australians get into homes sooner. This is a big investment that will make our economy more productive and will help to get crucial projects going in housing, energy and critical minerals.”
Minister for the Environment and Water Murray Watt said the funding would put environmental laws to work “unlocking major projects and helping proponents get a faster yes or a faster no”.
The source: Treasurer media release
