Future Made in Australia Act 2024 (Cth)

Future Made in Australia Act 2024

No. 119, 2024

An Act to unlock investment in a Future Made in Australia, and for related purposes

Contents Part 1—Preliminary 1 Short title 2 Commencement 3 Objects 4 Simplified outline of this Act 5 Definitions Part 2—National Interest Framework 6 Sector assessments 7 The National Interest Framework 8 Conduct of sector assessments 9 Reporting on sector assessments Part 3—Provision of Future Made in Australia support 10 The community benefit principles 10A Future Made in Australia support not to be provided for coal, crude oil or natural gas etc. 11 Future Made in Australia plans 11A Reporting on provision of Future Made in Australia support 12 Rules relating to provision of Future Made in Australia support Part 4—Miscellaneous 13 Delegation by the Secretary 14 Annual report 15 Rules

Future Made in Australia Act 2024 No. 119, 2024

An Act to unlock investment in a Future Made in Australia, and for related purposes

[Assented to 10 December 2024] Preamble The Parliament of Australia recognises that the global transition to net zero and the changing geostrategic landscape present a significant opportunity for Australia. By building a more diversified and resilient economy powered by clean energy and creating more secure, well‑paid jobs, Australia can remain an indispensable part of the global economy as the world undergoes the biggest transformation since the industrial revolution. Maximising the economic and industrial benefits of this transformation requires attracting and enabling private investment, making Australia a renewable energy superpower, value‑adding to our resources and strengthening economic security, backing Australian innovation and investing in the people, communities and services that will drive our national success. The Parliament of Australia believes that the Australian Government can play a key role in encouraging and facilitating the private investment required to harness this opportunity and strengthen trade partnerships. Targeted public investment can also promote the alignment of economic incentives with Australia's national interests and incentivise private investment at scale in these areas. The National Interest Framework will support the Australian Government to make public investments that unlock private investment at scale in the national interest. It will help to assess sectors that can make a significant contribution to emissions reduction at an efficient cost and where Australia could have a sustained comparative advantage and sectors where domestic capability is necessary or efficient to deliver economic resilience and security. Community benefit principles will be applied to encourage investment in local communities, domestic industries, supply chains and skills, and promote diverse workforces, secure jobs and tax law compliance. Decision‑makers will be responsible for applying community benefit principles for each Future Made in Australia support and enforcing them appropriately, including through Future Made in Australia plans. The coordinated investments that make up the Future Made in Australia agenda will harness Australia's potential and ensure the benefits are widely shared. This will be underpinned by strong trade partnerships, and a Guarantee of Origin Scheme that certifies renewable electricity and the emissions content of key industrial products and supports, supporting the development of green product standards. As part of the Future Made in Australia agenda, a new front door will also be established to make it simpler to invest in Australia and attract more global and domestic capital. It will provide a single point of contact for investors and companies with major, transformational investment proposals, delivering a coordinated approach to investment attraction and facilitation for these projects.