Australia’s Made in Australia Act – Friends of the Earth

TL/DR –

The Australian federal government is planning to introduce the “Future Made in Australia Act,” focusing on clean, renewable energy production and decarbonizing the economy. The Act is influenced by the US Inflation Reduction Act and aims to encourage new investments in clean energy and establish a sovereign industrial base. The government’s agenda includes new financing facilities, incentives for investors, more control over resources and crucial minerals, competition reform, and community incentives for renewable energy projects.

Australian Federal Government announces Future Made in Australia Act

The federal government has revealed plans for a new legislation, the Future Made in Australia Act, promoting clean renewables manufacturing and economy decarbonisation. The move is inspired by the US Inflation Reduction Act, aiming to boost clean energy investment and establish a sovereign industrial base.

Friends of the Earth Australia applauds this development, which comes amidst ongoing debates on national energy policy. The question remains whether the Liberal and National parties will back this sensible strategy for managing the ongoing economic and energy transition.

The COVID-19 crisis highlighted the necessity for robust government intervention to support the economy and society during times of disruption and change. The energy transition is no different, requiring more significant government involvement to ensure fairness and justice are integral to the economic transformation.

As Australia faces a combined industrial and information revolution, preparing for a shifting global economic order and the impacts of escalating climate change is crucial.

The federal government is expected to unveil a reform agenda today, including new financing facilities, investor incentives, sovereignty over resources and critical minerals, competition reform, and community incentives for renewable energy projects.

US Inflation Reduction Act Overview

The US Congress passed the Inflation Reduction Act (IRA) in August 2022, with aims to decrease domestic inflation triggered by the global energy crisis, while simultaneously tackling climate change. The act has a target of reducing carbon emissions by roughly 40 percent by 2030. The IRA provides opportunities to strengthen domestic supply chains, lower household energy costs, reduce greenhouse gas emissions, and create well-paying jobs.

Find out more about the US Inflation Reduction Act.

Press Contact

For further comments, contact Cam Walker at 0419 338 047.

—
Read More US Economic News