"Australian Industry Group welcomes the Future Made in Australia (FMIA) Bill 2024 with its broad agenda to develop new industries to deliver net zero transformation and strengthen Australia's economic resilience. As the cornerstone of the Government's industrial program, it's imperative these objectives are met," Innes Willox, Chief Executive of the national employer association Australian Industry Group said.
"Building economic resilience and enabling net zero transformation depends on a robust framework. It's crucial that Government ensures public investments in FMIA are proportionate, targeted and timely.
"The long-term success of FMIA relies on industry investments already being made today, so it's critical that Government decisions are not only transparent and responsible, but that they're made with reasonable immediacy.
"Ai Group strongly supports the new degree of rigour FMIA brings to industrial policy and we welcome Treasury's independent assessments to provide a solid evidence base for public support.
"However, further reforms are essential for FMIA to achieve its transformational impact. We urgently need to increase investment in industries that are already a part of Australia's net zero transition and strengthen our economic resilience – support should be offered to both existing and new industries," Mr Willox said.
