Yes, but under 'Commonwealth Environmental Water Office—reduced funding' in part 2, Expense measures' of the 2012-13 budget, it says the Commonwealth is going to 'reduce expenditure by $13.2 million' and:

Savings from this measure will be redirected to support other Government priorities.

Would that be some of the rebadged money that is going to this $150 million to be spent to be seen to be doing something when you are not actually doing something, which no-one has to take any notice of anyhow?