Australia, For Consumers, For Installers, Funding, Policy, Projects, Renewables, Solar, Solar, Storage

PM introduces Future Made in Australia legislation to parliament

Prime Minister Anthony Albanese has formally introduced ‘Future Made in Australia’ to Parliament.

‘Future Made in Australia’ is a major legislative package aimed at strengthening the nation’s economy and capitalising on global clean energy opportunities.

According to PM, the ‘Future Made in Australia’ bill outlines the government’s strategy for unlocking private investment in renewable energy industries and creating secure, well-paid jobs across the country.

“It embeds into law a disciplined and rigorous approach that will govern Future Made in Australia investments, ” Albanese said.

“To make the most of our net zero potential and ensure the benefits of these investments are widely shared and flow to local communities.”

Key elements of the bills include a National Interest Framework to identify priority sectors where Australia can gain a competitive advantage, as well as a process for assessing investment barriers and opportunities in those sectors.

The package also legislates five ‘Community Benefit Principles’ that all investments must adhere to, such as promoting safe, well-paid jobs, developing more skilled and inclusive workforces, engaging with local communities like First Nations groups, strengthening domestic industrial capabilities, and ensuring tax transparency.

Businesses may be required to develop ‘Future Made in Australia Plans’ to maximise broader economic and community benefits from investments in line with these principles.

The legislation further establishes a Future Made in Australia Innovation Fund to support emerging clean technologies like green metals, clean manufacturing, and low-carbon fuels. It also expands the National Interest Account to enable greater investment in the national interest.

“The government recognises that the best opportunities for Australia and its people lie at the intersection of industry, energy, resources, skills and our ability to attract and deploy investment,” Albanese said.

“The Future Made in Australia package improves our investment environment and encourages new industries that put us on a path to net zero and strengthen our economic resilience.”

For more renewable and solar news, subscribe to ecogeneration

Send this to a friend