The Australian National Antarctic Research Expeditions (ANARE) are conducted through the cooperation of various government agencies and research and interest groups. Changes in organisational arrangements since 1946 have reflected the emphasis given to different aspects of Australian Antarctic policy. The Antarctic program is focussed in Hobart, and the lead agency, the Australian Antarctic Division, is currently part of the federal environment portfolio. Australia spent an estimated $A75.7 million on its Antarctic program in the financial year 1991/92, $A67.3 million, or 89%, of which was channelled through the Antarctic Division. The'disposable budget'for research activities has remained relatively static in real terms during the past decade. The consolidation of expenditure through the Antarctic Division and the program approach to budgeting now provide some degree of breakdown of the total expenditure, identify the large sums spent on infrastructure and technology support, and quantify the high threshold cost of research in Antarctica. It remains to be seen what effect the changes in national policies, such as the decision to ban mining in Antarctica, and geopolitical developments will have on future levels of funding.