Future Made In Australia Act Passes Lower House

Solar panels are seen on a roof in Albany, Western Australia, on March 29, 2024. Susan Mortimer/The Epoch Times

Australia’s version of Biden’s Inflation Reduction Act has passed the House of Representatives two months after it was introduced.

On Sept. 9, Treasurer Jim Chalmers touted Labor’s $22.7 billion (US$15 billion) Future Made in Australia legislation as a major step forward in “making the Australian economy more prosperous and resilient” amid the net zero transition.

“This legislation will allow us to unlock 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,” he 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.”

Under the ambitious plan, the government aims to turn Australia into a “renewable energy superpower” that outlines criteria for projects to receive government incentives like tax breaks such as the Hydrogen Production Tax Incentive.

The scheme will also provide guaranteed statutory funding for the Australian Renewable Energy Agency, which is tasked with boosting the country’s renewable energy sources.

The government also believes it can unlock around $65 billion worth of investment in renewable capacity through its Capacity Investment Scheme by 2030.

“The bills are designed to improve our investment environment and encourage new industries that put us on a path to net zero and strengthen our economic resilience,” Chalmers said.

The bill will need to pass the Senate to become law, with debate to continue.