The Australian Government’s Future Made in Australia legislation has passed Parliament, setting the stage for Australia’s involvement in the global transition to net zero emissions.
The legislation aims to help Australia take advantage of economic and industrial opportunities presented by the energy transformation.
It focuses on ensuring that Australian workers and communities are positioned to benefit from the global shift to net zero, the government said in a media statement.
Included in the package are measures such as the National Interest Framework, a sector assessment process, and Community Benefit Principles to guide investments.
These provisions are intended to maximize Australia’s net zero potential and ensure that the benefits of these investments are shared with local communities.
Additionally, the legislation reintroduces guaranteed statutory funding for the Australian Renewable Energy Agency (ARENA), which had lapsed under the previous government, in an effort to provide investment certainty.
The next stage of the package, which includes production tax incentives for critical minerals and hydrogen, has also passed the House of Representatives.
The government has emphasised the need for investment and engagement to capitalise on opportunities across industry, energy, resources, and skills.
The Future Made in Australia agenda is designed as both an investment and growth strategy, aimed at attracting new industries and ensuring the benefits flow to communities.
The legislation is part of a broader set of 11 Treasury bills passed by the Senate, which the government says demonstrates its ability to maintain a focus on inflation and the cost of living while pursuing reforms.
