Future Made in Australia Bill 2024

The majority voted in favour of a motion that the bill as amended be agreed to. This means they can now decide on whether to pass it (known as giving it a third reading).

What does the bill do?

The bills digest (a document prepared by the parliamentary library) gives the following key points in respect to the bill:

The Future Made in Australia Bill 2024 establishes a new principal Act under the Government’s Future Made in Australia agenda, including:

• creating the National Interest Framework as the means by which sectors will be identified as potential candidates for support under Future Made in Australia

• setting out community benefit principles which aim to ensure investments deliver benefits to the Australian community and grow priority sectors.

The Future Made in Australia (Omnibus Amendments No. 1) Bill 2024 amends:

• the Export Finance and Insurance Corporation Act 1991 to enable Export Finance Australia (EFA) to perform national economy and net zero functions, and to fund domestic projects that align with these functions.

• the Australian Renewable Energy Agency Act 2011 to expand the role and functions of the Australian Renewable Energy Agency so it can support industries under the Future Made in Australia Innovation Fund and other programs.

The Bills give effect to key aspects of the Albanese Government’s Future Made in Australia industrial policy agenda: a plan for explicit public investment at scale to attract private finance in sectors that have a comparative advantage in a net zero global economy, or where domestic capability could deliver economic resilience and supply chain security.

The plan aims to ensure that Australia can take advantage of the economic and industrial benefits of the global move to net zero and to secure Australia’s place in the new geopolitical landscape where global competition is being reorganised around preferential trading blocks.

The Bills have been referred to the Senate Economics Legislation Committee for inquiry and report by 5 September 2024.