The Albanese Labor Government introduced the Future Made in Australia agenda in the 2024-25 Budget as an industrial policy to position Australia as a renewable energy superpower. The policy allocates $22.7 billion over ten years to support clean energy manufacturing and processing industries, with legislation passing Parliament in November 2024.

The policy identifies five priority sectors: renewable hydrogen, critical minerals processing, green metals, low carbon liquid fuels, and clean energy manufacturing. Companies must commence production before receiving government support, ensuring public funds go to viable projects. The National Interest Framework guides investment decisions, focusing on sectors where Australia has comparative advantages and can contribute to emissions reduction.

Key funding includes $6.7 billion for a renewable hydrogen production tax incentive, $7 billion for a critical minerals production tax incentive covering Australia's 31 critical minerals, $1.5 billion for solar panel and battery manufacturing, and $1.7 billion for the Innovation Fund. The policy also restores guaranteed statutory funding for the Australian Renewable Energy Agency, which had lapsed under the previous government.

• $22.7 billion allocated over ten years to support clean energy industries

• Production tax incentives for renewable hydrogen ($2 per kilogram from 2027-28) and critical minerals processing (10% of processing and refining costs)

• Five priority industries identified: renewable hydrogen, critical minerals, green metals, low carbon fuels, and clean energy manufacturing

[1] https://futuremadeinaustralia.gov.au/

[2] https://budget.gov.au/content/03-future-made.htm

[3] https://budget.gov.au/content/factsheets/download/factsheet-fmia.pdf