Legislative subsidy package to strengthen domestic manufacturing and key industries tabled in Parliament.
On Wednesday, the Future Made in Australia Act took its next step when it was introduced to Parliament. Australia’s Prime Minister Anthony Albanese presented the bill earlier this year (we reported). With the legislation, the Government seeks to strengthen domestic manufacturing and promote key industries such as critical minerals and clean energy through public and private sector funding. The $15.17 billion (AUS$22.7 billion) act is a central element in the Albanese Administration’s strategy to catch up with other global subsidy initiatives to advance future technology fields and clean energy, such as the Inflation Reduction Act in the United States or the European Economic Security Strategy in the European Union. According to Treasurer Jim Chalmers, who presented the bill in Parliament, the Future Made in Australia Act will strengthen Australia’s economic resilience and improve the investment environment of Down Under. It is focused on boosting domestic supply chains, promoting jobs, and aiding Australia on its path to net zero.
According to The Daily Aus, the bill is expected to clear the House of Representatives but may face hurdles in the Senate as the Government does not hold a majority there. The Albanese Administration will thus need support for the act to become law.
Photo: iStock/JoeGough