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Future Made in Australia
Future Made in Australia is an Australian federal industrial policy initiative relating to the transition to net zero emissions. It was introduced and implemented by the Labor government of Anthony Albanese in 2024.
In April 2024, Prime Minister Anthony Albanese unveiled an interventionist industrial policy focusing on the transition to net zero emissions, which would be underpinned by a "Future Made in Australia Act". Later, Treasurer Jim Chalmers clarified that this policy would be focused on incentivising, but not replacing investment.
Chalmers gave a speech which laid out the "guardrails" for the policy in May 2024. The Australian government announced a A$566 million initiative to comprehensively map what is under Australian soil and seabed. The Australian government released a strategy on liquid natural gas, outlining it as a "transition" fuel through to 2050 and beyond.
The Future Made in Australia policy was a major part of the 2024 Australian federal budget. Five priority industries were identified: renewable hydrogen, critical minerals processing, green metals, low carbon liquid fuels and clean energy manufacturing.
In late May 2024, the Australian federal government announced a National Battery Strategy. It sets out a goal for the country to be manufacturing batteries with "secure supply chains" by 2035.
The Future Made in Australia policy, introduced in the 2024 federal budget, allocates approximately $22.7 billion over ten years to support clean energy and advanced manufacturing. Funding priorities include renewable hydrogen production, critical minerals processing, solar panel manufacturing, and battery production. Companies are required to commence production before receiving government credits, ensuring that public funds support viable projects. The package also provides grants and production incentives for stages of hydrogen and clean energy manufacturing, with measures intended to reduce fiscal risk by focusing on projects that are ready to deliver results.
A National Interest Framework identifies priority sectors such as renewable hydrogen, green metals, low-carbon fuels, and clean energy manufacturing. Analysts note that applicants must demonstrate measurable production milestones, positioning the policy as both an industrial strategy and a safeguard against unproven projects. Scholars argue that such mission-oriented interventions can accelerate Australia’s transition to net zero, strengthen the nation's role in global supply chains for critical minerals and clean energy, and leverage its renewable energy advantages to build a competitive sustainable manufacturing base.
The independent economist, Saul Eslake, criticised the proposed policy, describing the use of terms such as "national sovereignty" and "national security" as cover for bad policy. Kylie Walker, a fellow at the Australian National University, was supportive, but emphasised that increasing diversity in the science and technology workforce would help reduce skill shortages.
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Future Made in Australia
Future Made in Australia is an Australian federal industrial policy initiative relating to the transition to net zero emissions. It was introduced and implemented by the Labor government of Anthony Albanese in 2024.
In April 2024, Prime Minister Anthony Albanese unveiled an interventionist industrial policy focusing on the transition to net zero emissions, which would be underpinned by a "Future Made in Australia Act". Later, Treasurer Jim Chalmers clarified that this policy would be focused on incentivising, but not replacing investment.
Chalmers gave a speech which laid out the "guardrails" for the policy in May 2024. The Australian government announced a A$566 million initiative to comprehensively map what is under Australian soil and seabed. The Australian government released a strategy on liquid natural gas, outlining it as a "transition" fuel through to 2050 and beyond.
The Future Made in Australia policy was a major part of the 2024 Australian federal budget. Five priority industries were identified: renewable hydrogen, critical minerals processing, green metals, low carbon liquid fuels and clean energy manufacturing.
In late May 2024, the Australian federal government announced a National Battery Strategy. It sets out a goal for the country to be manufacturing batteries with "secure supply chains" by 2035.
The Future Made in Australia policy, introduced in the 2024 federal budget, allocates approximately $22.7 billion over ten years to support clean energy and advanced manufacturing. Funding priorities include renewable hydrogen production, critical minerals processing, solar panel manufacturing, and battery production. Companies are required to commence production before receiving government credits, ensuring that public funds support viable projects. The package also provides grants and production incentives for stages of hydrogen and clean energy manufacturing, with measures intended to reduce fiscal risk by focusing on projects that are ready to deliver results.
A National Interest Framework identifies priority sectors such as renewable hydrogen, green metals, low-carbon fuels, and clean energy manufacturing. Analysts note that applicants must demonstrate measurable production milestones, positioning the policy as both an industrial strategy and a safeguard against unproven projects. Scholars argue that such mission-oriented interventions can accelerate Australia’s transition to net zero, strengthen the nation's role in global supply chains for critical minerals and clean energy, and leverage its renewable energy advantages to build a competitive sustainable manufacturing base.
The independent economist, Saul Eslake, criticised the proposed policy, describing the use of terms such as "national sovereignty" and "national security" as cover for bad policy. Kylie Walker, a fellow at the Australian National University, was supportive, but emphasised that increasing diversity in the science and technology workforce would help reduce skill shortages.