Future Made in Australia plan
The Australian Government announced a $22.7 billion investment over a decade for Future Made in Australia in the 2024–25 Budget. The Investing in a Future Made in Australia plan is designed to maximise the economic and industrial benefits of the international move to net zero. It is intended to contribute to securing Australia’s place in a changing global economic and strategic landscape.
Future Made in Australia is about:
- attracting and enabling investment
- making Australia a renewable energy superpower
- adding value to Australia’s resources
- strengthening economic security
- backing Australian ideas
- investing in the people, communities and services that will drive national success.
The net zero transition and heightened geostrategic competition are transforming the global economy. Future Made in Australia is intended to maximise Australia’s resilience and security and realise the economic and industrial benefits of the global transformation to net zero. This will secure Australia’s place in a changing global strategic landscape.
Priorities that align with the principles in the National Interest Framework are identified in the 2024–25 Budget. These are:
- renewable hydrogen
- critical minerals processing
- green metals
- low carbon liquid fuels
- clean energy manufacturing (including battery and solar panel supply chains).
On 3 July 2024, the Australian Government introduced the Future Made in Australia Bill 2024 to legislate the National Interest Framework. This framework supports government consideration and decision-making on the significant public investment that unlocks private investment at scale in the national interest.
Through the framework, additional priority sectors will be identified under the:
- Net Zero Transformation Stream – sectors that will significantly contribute to the net zero transition and are expected to have an enduring comparative advantage. Public investment is needed for these sectors to significantly contribute to emissions reduction at an efficient cost.
- Economic Resilience and Security Stream – sectors where some level of domestic capability is necessary or efficient to deliver adequate economic resilience and security. The private sector would not invest in this capability in the absence of public investment.
The Treasury worked closely with other government departments to develop the criteria that would shape Future Made in Australia, and the policies which would underpin it. Agencies included: Prime Minister and Cabinet; Climate Change, Energy, the Environment and Water; and Industry, Science and Resources.
The Australian Government will also establish a new front door for investors with major transformational investment proposals related to Future Made in Australia. This will make it simpler to invest in Australia and will help attract more global and domestic capital.
Find out more
Australian Government (2024) Investing in a Future Made in Australia, The Treasury website, accessed 22 July 2024.