Today the Albanese Labor Government is starting consultation on the proposed design for a new Front Door for investors with major, transformational investment proposals, to make it simpler to invest in Australia and attract more global and domestic capital.
As a key component of the Government's Future Made in Australia agenda, the Front Door will help encourage and facilitate the private sector investment we need to succeed and remain an indispensable part of the global economy.
The consultation paper seeks views on the challenges investors face navigating their interactions with government on major, transformational projects, and outlines the functions the Front Door could provide to make it easier and quicker to develop projects in Australia.
Establishing the Front Door will streamline how investors and business interact with the Government, helping them navigate approvals processes and fast‑track major projects where possible.
It will make it quicker and easier for investors to make decisions and put money to work in Australia, helping to create jobs and build a stronger, more resilient and more diversified economy powered by clean energy.
To address common challenges investors have told us they face, the Front Door's functions could involve:
- a prioritisation process to identify major transformational projects and determine the service offerings available to them;
- coordinated engagement with relevant agencies, including facilitating connections to existing project development supports;
- regulatory facilitation, such as mapping regulatory requirements and supporting proponents to navigate them; and
- facilitating public financing, such as coordinating engagement with Specialist Investment Vehicles.
The Government is keen to hear from all investors, proponents and the broader community on whether these proposed functions will improve the current investment landscape, and what is already working well.
We also want to know how these major, transformational investments and projects can benefit communities across Australia, including First Nations people.
The Albanese Labor Government has a strong track record of attracting investment in Australia, but the race for global capital is becoming more intense and we cannot be complacent. The Front Door will make Australia an even more compelling investment destination and help capitalise on the golden opportunity we have to capitalise on this transformation.
The Department of the Treasury will accept submissions up to 4 October 2024, which will inform the final design of the Front Door and help Government move faster to attract transformational investments.
The Consultation Paper is available on the Treasury website.
