Future Made in Australia Act to pave the way for local renewable energy and manufacturing growth
The Act will see financing and tax incentives boosting Australia's sovereign capabilities, whilst positioning the nation as a global leader in clean energy and innovation
Prime Minister Anthony Albanese unveiled the Future Made in Australia Act policy initiative during a speech at the Queensland Media Club on Friday. This legislation represents a massive investment by the nation to propel Australia into a prosperous future marked by renewable energy, local manufacturing, and inclusive growth.
Projects enabled by the Act will play a pivotal role in fostering economic development and job creation across the nation. Central to its objectives will be the promotion of renewable energy industries, with a particular focus on solar energy, wind power, hydrogen production, and advanced manufacturing.
Although more details are still to come, it can be inferred from Albanese's speech that the Act will:
- aim to harness Australia's abundant natural resources to establish the country as a leader in renewable energy technology and production
- feature a commitment to supporting local manufacturing and boosting domestic capability in critical industries
- seek to revitalize Australia's manufacturing sector, creating high-paying jobs and driving economic growth through targeted investments and incentives
- include provisions to ensure that local content requirements are incorporated into projects, providing opportunities for Australian businesses to participate in major infrastructure and energy initiatives.
- be informed by collaboration with stakeholders across various sectors, to create a conducive environment for innovation, entrepreneurship, and long-term prosperity.
Feedback from the energy, resources and manufacturing sectors has been mostly positive.
"This is exactly the sort of leadership Australia needs to tackle climate pollution, generate clean jobs, and ensure a brighter future for our kids," Climate Council CEO Amanda McKenzie said.
"In the US we’ve seen similar policies dramatically ramp up investment and create tens of thousands of new jobs."
“The Federal Government is making a smart choice by prioritising clean manufacturing,” said Climate Council senior researcher Dr Wesley Morgan.
"With the right policy settings, the Future Made In Australia Act can unlock huge economic benefits - in new industries, more jobs and a safer climate future for every community."
Director of Solutions for Climate Australia’s Dr Barry Traill was positive, stating,“If this plan is delivered strategically and at scale, it will stimulate billions of dollars in private investment, good quality jobs, and see communities and ultimately the environment benefit."
“We’re really excited to see it start rolling out, especially in places like Gladstone and the Hunter Valley where jobs and communities are transitioning away from coal and gas.”
Bob Hawes, CEO of Business Hunter was also cautiously optimistic.
"We look forward to seeing the detail in investment," Hawes said.
“The Government's announcement is a major step in helping the economy achieve net zero whilst ramping up industrial output in new and existing industries. We know there are and will be major opportunities for local businesses and workers in the Hunter to grow clean industry and reduce emissions."
"We welcome proactive initiatives that encourage Australian made, it's good for regional economies and the Hunter can and is ready to play its part," Hawes said.
