DOOMSDAY scenarios of drastic cuts to science failed to materialise in this year's budget.

A new four-year funding agreement for the CSIRO will deliver a record $3 billion to the agency, while $21 million will be spent on initiatives to inspire Australians to study and excel in science.

This includes $16 million to engage schoolchildren in science, $3 million for prizes for top scientists, and $2 million for a national hub for science and technology communications.

The budget includes $40 million for Australia's bid with New Zealand for the Square Kilometre Array telescope, which will be the largest and most advanced radio telescope built.

Two nuclear facilities in New South Wales that have reached the end of their useful lives will be decommissioned at a cost of $9 million. The facilities, at Camperdown and Lucas Heights, produced medicines.