Joint media release with Treasurer Jim Chalmers, Minister for Trade and Tourism Don Farrell, Minister for Climate Change and Energy Chris Bowen, Minister for Industry and Science Ed Husic. and Assistant Minister for a Future Made in Australia Tim Ayres.
The Albanese Labor Government's Future Made in Australia legislation has today passed Parliament, a major step forward in making Australia indispensable to the global net zero transformation.
This legislative package helps put our 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 supports.
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.
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.
We recognise that to seize those opportunities we need to engage and invest not protect and retreat. That's why our Future Made in Australia agenda is an investment strategy and a growth strategy.
We are providing investors with the clarity, certainty and the cooperation they need to build and grow new industries in Australia, and making sure those benefits flow to communities all over the country.
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.
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.
