This proposal has three components.

Component 1: Increase Official Development Assistance aid funding annually from 2019-20 on a linear trajectory, in order to reach 0.7 per cent of gross national income by 2029-30.

Component 2: Provide Official Development Assistance climate finance funding of $1,320 million in 2019-20, and $1,600 million ongoing from 2020-21. This amount is additional to the funding increase in Component 1.

Summary of proposal:

The proposal would provide additional funding for overseas development of the following amounts:

• $30 million in 2019-20
• $220 million in 2020-21
• $410 million in 2021-22
• $520 million in 2022-23
• $830 million in 2023-24.

Additional funding in 2024-25 and beyond would be determined following a review of official development assistance funding to be undertaken in 2023-24.

The proposal would increase Official Development Assistance (ODA) funding for developing nations annually from 1 July 2022 on a linear trajectory in order to reach 0.7% of Gross National Income (GNI) by 2029-30. $250 million of this increased funding would go towards the COVAX initiative.

This proposal would have effect from 1 July 2022.