Our Future Made in Australia agenda is absolutely central to our government's vision for a new generation of prosperity in an economy powered by cleaner and cheaper energy.
That's why we are proud to take a major step forward in implementing that vision this week, introducing the legislative package into the Parliament.
The world is changing and the pace of that change is accelerating as the global economy is transformed by the net zero opportunity.
This transition means we are in the middle of the biggest changes in the global economy since the industrial revolution.
At the same time, geostrategic competition is growing, the international rules‑based order is under constant pressure, population demographics are shifting and the risk of major supply shocks is rising.
Amidst this churn and change Australia's path to prosperity is clear and compelling.
We have been dealt the most incredible set of cards to make ourselves the primary beneficiaries of these shifts.
We have a unique combination of geological, meteorological, geographical and geopolitical comparative advantages. It would be an egregious breach of our generational responsibilities as a government if we didn't play this winning hand.
The legislation we introduced this week is all about realising our genuine advantages and recognising our future growth prospects lie at the intersection of our industrial, resources, skills and energy bases and our attractiveness as an investment destination.
The world is moving on and Australia needs to move with it, or we won't make the most of the golden opportunity in front of us.
This is what our Future Made in Australia agenda responds to.
Our goal is to power the future, not manufacture the past. Our strategy is to engage and invest not retreat and protect. Our emphasis is on attracting private investment, not replacing it.
Our agenda reflects the new economic orthodoxy of a churning and changing world.
The legislative package we introduced this week puts our agenda into practice, to help make Australia a renewable energy superpower, and an indispensable part of the global net zero economy.
We know that to succeed our plan must be underpinned by discipline and rigour.
This week's legislation embeds into law the strict criteria and robust processes that will guide our decision‑making and set us up for success.
It helps give investors the clarity and certainty they need to invest and unlock growth in our economy and ensures public investment is prudent and powerful, pulling in substantial private investment and guiding it towards Australia's national interest.
That's because we know public investment will be an important and substantial part of our plan, but it is only a sliver of the private investment needed to transform our economy.
The legislation is built on three pillars.
First, a National Interest Framework, which will help us identify sectors where we have a sustained comparative advantage in the new net zero economy, or an economic resilience and security imperative to invest.
Second, a robust sector assessment process to help us better understand and break down barriers to private investment in key areas of the economy.
And third, a set of Community Benefit Principles that will ensure public investment and the private investment it generates lead to strong returns and stronger communities.
The three pillars will work together to help us build a more diversified and more resilient economy powered by renewable energy.
The Framework helps determine our investment direction, the Treasury‑led sector assessments will help us identify and address the barriers to attracting the private capital we need, and the principles will make sure the benefits flow to communities, workers and businesses around the country.
We've already put the National Interest Framework into action.
It informed our Future Made in Australia investment focus in the Budget on refining and processing critical minerals, producing renewable hydrogen, exploring production of green metals and low carbon liquid fuels, and supporting targeted manufacturing of clean energy technologies including solar, and value adding in the battery supply chain.
The $22.7 billion Budget investment demonstrated our commitment to this agenda but it's only a fraction of what we need.
Public investment will show us the path to a Future Made in Australia but private capital will pave the way. This is why our agenda is an investment strategy and a growth strategy that provides investors with the clarity, certainty and the cooperation they need.
The legislation introduced this week embeds the discipline and rigour to make it succeed.
The time to act is now because the world is changing with or without Australia and the golden opportunity in front of us will disappear if we take too long.
We've already suffered through a decade of delay and denial under the Coalition and if they had their way we'd have another wasted decade ahead, heading down a nuclear road to nowhere.
We have a chosen a better path that is mainstream and middle of the road, which will make our people and businesses more prosperous in the future we make together.
