This article is from the Australian Property Journal archive
THE 2024-24 Federal Budget is investing $22.7 billion into Australian industry, with a focus on the transition to net zero, improving supply chains, and mining critical minerals.
The government’s Future Made in Australia plan is looking to secure Australia’s position in the changing global economy in what treasurer Jim Chalmers is calling “the biggest transformation since the industrial revolution”.
The framework will identify industries under two streams: the “net zero transformation” stream and the “economic security and resilience stream”.
Australia will invest $3.2 billion over the coming decade through the Australian Renewable Energy Agency to support the commercialisation of technologies that are critical to net zero.
This will include a new $1.7 billion Future Made in Australia Innovation Fund for innovative technologies and facilities linked to priority sectors such as green metals, batteries and low carbon liquid fuels.
A Hydrogen Production Tax Incentive will be introduced to provide a $2 incentive per kilogram of renewable hydrogen produced between 2027–28 to 2039–40 for up to a decade per project.
Continuing to invest in the country’s hydrogen future, $1.3 billion will be put into the Hydrogen Headstart program and $17.1 million will be used to establish National Hydrogen Strategy which will help Australia become a global hydrogen leader by 2030.
A further $32.3 million will be invested into the expansion of the Guarantee of Origin Scheme to include green metals and low‑carbon liquid fuels. On top of $15.4 million for foundational activities to support the development of green metals production.
Rooftop solar and household batteries will be supported by $27.7 million utilised enhance integration of these consumer energy resources into the grid.
$1.5 billion will be allocated to building up battery and solar panel supply chains through Solar Sunshot Program and Battery Breakthrough Initiative.
While the agriculture and land sector will see $63.8 million to reduce emissions.
While $48 million will be used to implement reforms to the Australian Carbon Credit Unit Scheme, which will unlock $65 billion of renewable energy capacity through the ongoing roll out of the Capacity Investment Scheme.
“[We] are building an economy that will position our people to benefit from the opportunities of the decades ahead. The world is committed to net zero by 2050,” said Chalmers.
“Australian energy can power it. Australian resources can build it. Australia’s regions can drive it. Australian researchers can shape it. And Australian workers can thrive in it. Our $22.7 billion Future Made in Australia package will help make us an indispensable part of the global economy.”
The economic resilience and security stream will focus on supporting industries such as quantum computing, critical minerals and defence manufacturing.
As well as investment into establishing a single “front door” for investors as a single point of contact for the Future Made in Australia package.
The front door is set to streamline interactions between investors, business and the government, delivering a joined‑up approach to investment attraction and facilitation and supporting the acceleration and coordination of approval decisions.
“To realise the opportunities of a Future Made in Australia we’re changing the way we attract and deploy investment. A new Act and new framework will impose the rigour – Focusing investment on transformational opportunities,” added Chalmers.
“And setting conditions to ensure investors benefiting from our incentives are supporting their people and communities – to lift private investment in skills, workforces and local supply chains.”
