In 2022–23, Australian federal and state governments provided a total of $11.1 billion worth of spending and tax breaks to assist fossil fuel industries.

This year’s figure represents a 5% decline on last year’s, but subsidies in the forward estimates have increased from $55.3 billion to a record $57.1 billion. This is 14 times greater than the balance of Australia’s Disaster Ready Fund, which is used to respond to climate disasters.

This report comes one year and one federal budget after the 'climate election'. Progress has been made on remedying the Morrison Government’s most egregious policies, but over the longer term, Australia’s fossil fuel subsidies are still budgeted to increase, particularly at a federal level.