The Albanese Labor Government's Future Made in Australia legislation has today passed the House of Representatives, a major step forward in making the Australian economy more prosperous and resilient.
This legislative package is a key part of putting our Future Made in Australia plan into action, so Australia makes the most of the major economic and industrial opportunities of the net zero transformation.
This legislation will allow us to unlock private sector investment to build a stronger, more diversified and more resilient economy powered by renewable energy that creates secure, well‑paid jobs around the country.
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 new National Interest Framework, a robust sector assessment process, and it outlines the Community Benefit Principles that will apply to investment decisions.
To promote investment certainty, the legislative package also reintroduces guaranteed statutory funding for the Australian Renewable Energy Agency (ARENA), which was allowed to lapse under the previous Government.
The Government recognises that the best opportunities for Australians lie at the intersection of industry, energy, resources, skills and our ability to attract and deploy investment.
Making our future here in Australia is about making the most of our nation's potential and making sure everyone shares in the benefits.
The Bills are designed to improve our investment environment and encourage new industries that put us on a path to net zero and strengthen our economic resilience.
The legislation will now move to the Senate for debate.
