‘Future Made in Australia’ package introduced to federal parliament

The package, which includes the Future Made in Australia Bill 2024 (20-page / 319KB PDF) and Future Made in Australia (Omnibus Amendments No. 1) Bill 2024 (27-page / 447KB PDF), was first announced in the Australian federal budget in May. It seeks to strengthen Australia’s international comparative advantage in priority business sectors by encouraging both public and private investment into those sectors.

Included in the proposed legislation is a National Interest Framework which will establish priority investment sectors using a core set of principles, including the role of specific industries in reaching net zero targets.

The proposed package also aims to establish the Future Made in Australia Innovation Fund which is designed to support new technologies in the clean energy sector.

According to Joni Henry, a corporate law expert specialising in the energy and resources sectors at Pinsent Masons, the new Bill, once in effect, will encourage private sector investment into Australia’s clean energy and critical minerals industries and increase its standing in the global renewable energy space.

“The Future Made in Australia Bill aims to reignite Australia’s renewable energy sector with AU$22 billion (US$14.8 billion) of clean industry investment,” Henry said.

“Spurred on by the US Inflation Reduction Act and the EU’s Net Zero Industry Act, this is Australia’s response to attracting investment and maximising the vast opportunities available to such a resource rich country. We would expect to see an increase in capital entering the Australian clean technology and critical mineral sectors off the back of this and as further details on the Future Made in Australia Bill are ironed out,” she said.