Australian Treasurer Jim Chalmers has introduced the government’s $22.7 billion (US$15.1 billion) Future Made in Australia bill to parliament.
The bill, if successful, aims to make Australia a leader in the global renewable energy sector as the nation looks to achieve net zero emissions by 2050.
It comes amid Opposition Leader Peter Dutton’s pledge to pivot Australia’s energy strategy to a nuclear focus if successful in the next federal election.
The treasurer has touted the Future Made in Australia Bill 2024 and Future Made in Australia (Omnibus Amendments No. 1) Bill 2024 as a “major step in making the Australian economy more prosperous and resilient.”
“This legislation is all about unlocking private sector investment to build a stronger, more diversified, and more resilient economy powered by renewable energy that creates secure, well‑paid jobs around the country,” Mr. Chalmers said in a statement.
“It embeds into law a disciplined and rigorous approach that will govern Future Made in Australia investments, to make the most of our net zero potential, and ensure the benefits of these investments are widely shared and flow to local communities.
“This package does three main things. It will legislate our new National Interest Framework, introduce a robust sector assessment process, and outline the community benefit principles that will apply to investment decisions.”
The National Interest Framework defines criteria for identifying sectors that will be key to the net zero transformation and where Australia could have a genuine comparative advantage, or where there is an economic security or resilience imperative to invest in domestic capability.
The package will enable the government to commission the treasury to undertake independent analysis of the extent that areas of the economy are aligned with the National Interest Framework, barriers to private investment in these areas, and opportunities to address them.
The five community benefit principles to be assigned to the project include promoting safe and secure jobs, developing a skilled and inclusive workforce, engaging with local communities, strengthening domestic industrial capabilities, and demonstrating transparency and compliance in tax affairs.
There will be an additional focus on supporting emerging technologies including green metals, clean energy manufacturing, and low-carbon liquid fuels.
“The government recognises that the best opportunities for Australia and its people lie at the intersection of industry, energy, resources, skills, and our ability to attract and deploy investment,” Mr. Chalmers said.
“The Future Made in Australia package improves our investment environment and encourages new industries that put us on a path to net zero and strengthen our economic resilience.”
As Australia aims to reach net zero emissions by 2050, Mr. Dutton has been critical of Labor’s move to renewables, vowing to instead build seven nuclear reactors across Australia’s mainland states if elected.
