Future Made in Australia Bill to be introduced

3 July, 2024

The Australian Federal Government has unveiled the Future Made in Australia Bill, which will provide $22.7 billion to promote the country’s global leadership in renewable energy.

The legislation, a centrepiece of Labor’s budget, aims to achieve net-zero emissions and, according to Treasurer Jim Chalmers, will be as transformative as the industrial revolution.

Key elements include facilitating public-private partnerships to accelerate renewable energy projects. Chalmers outlined a national interest framework for strategic investments and a sector assessment process to remove barriers to private sector participation. He highlighted principles to ensure that economic returns benefit local communities and build on Australia’s unique environmental advantages.

Projects seeking government support should prioritise secure, well-paid jobs, the development of a skilled workforce and community benefits, particularly for First Nations. The bill also aims to strengthen domestic industrial capacity and enforce transparency and tax compliance for private sector beneficiaries.

Chalmers highlighted the legislation’s aim to use public funds to attract private investment, maximising benefits for Australian workers and communities. Opposition Leader Peter Dutton has proposed an alternative energy plan that includes nuclear reactors at former coal-fired power stations, while Nationals Leader David Littleproud wants more details before taking a position. Littleproud criticised the government’s $45 million advertising spend on the policy and questioned its effectiveness in supporting sustainable energy initiatives.

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