Federal Government plans for a stronger, cleaner economy
The Federal Government has introduced the new Future Made in Australia Bill 2024 to Parliament.
This package will legislate the new National Interest Framework, introduce a robust sector assessment process and outline the Community Benefit Principles intended to encourage new industries that strengthen economic resilience during the energy transition.
The National Interest Framework defines criteria for identifying sectors essential to the net zero transformation and where Australia has a genuine comparative advantage.
The Community Benefit Principles provide detailed and rigorous criteria to identify investments within those sectors that make the most of net zero potential and ensure the benefits reach local communities.
The package also enables the Federal Government to commission the Federal Treasury to undertake independent analysis and identify barriers to private investment and opportunities to address them.
It also establishes the Future Made in Australia Innovation Fund to support emerging technologies in industries like mining, green metals, clean energy manufacturing and low carbon liquid fuels.
The Federal Government says that the best opportunities for Australia and its people lie at the intersection of industry, energy, resources, skills and the ability to attract and deploy investment.
