Lower House Passes the Future Made In Australia Act

September 9, 2024 TruthUSA

Treasurer Jim Chalmer said it was a major step forward ’making the Australian economy more prosperous and resilient.’

Australia’s version of Biden’s Inflation Reduction Act has passed the House of Representatives two months after it was introduced.

On Sept. 9, Treasurer Jim Chalmers promoted Labor’s $22.7 billion (US$15 billion) Future Made in Australia legislation as a significant advancement in “making the Australian economy more prosperous and resilient” amid the transition to net zero.

“This legislation will allow us to unlock private sector investment to build a stronger, more diversified and more resilient economy powered by renewable energy that creates secure, well-paid jobs around the country,” he stated.

“It embeds into law a disciplined and rigorous approach that will govern Future Made in Australia investments, to make the most of our net zero potential and ensure the benefits of these investments are widely shared and flow to local communities.”

Under the bold plan, the government aims to turn Australia into a “renewable energy superpower” that outlines criteria for projects to receive government incentives such as tax breaks like the Hydrogen Production Tax Incentive.

The initiative will also offer guaranteed statutory funding for the Australian Renewable Energy Agency, which is responsible for enhancing the country’s renewable energy sources.

The government also believes it can unlock around $65 billion worth of investment in renewable capacity through its Capacity Investment Scheme by 2030.

“The bills are designed to improve our investment environment and encourage new industries that put us on a path to net zero and strengthen our economic resilience,” Chalmers stated.

The bill will need to pass the Senate to become law, with debate to continue.

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