The Federal Government’s Future Made in Australia legislation has passed Parliament in a major step forward to make Australia indispensable to the global net zero transformation.
This legislative package helps put Future Made in Australia agenda into action, so we make the most of the major economic and industrial opportunities of the energy transformation.
This is all about helping make our workers and communities the big beneficiaries of the global shift to net zero.
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.
The legislation includes our National Interest Framework, a robust sector assessment process, and it outlines the Community Benefit Principles that will apply to Future Made in Australia support.
To promote investment certainty, the legislative package also reintroduces guaranteed statutory funding for the Australian Renewable Energy Agency, which was allowed to lapse under the previous Government.
The next stage of the legislative package, including production tax incentives for critical minerals and hydrogen, has also passed the House today.
This is 1 of the 11 Treasury bills that passed the Senate this week and show we can maintain a primary focus on inflation and the cost of living while we keep the reform wheels turning.
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