LAST Thursday Prime Minister Anthony Albanese fronted media in Queensland to announce the ‘Future Made in Australia Act’, a plan to “boost investment and create jobs” through seizing opportunities in the green resources and renewable energy space.

“We will bring together in a comprehensive and co-ordinated way a whole package of new and existing initiatives,” Prime Minister Albanese said.

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“Investing in new industries – and ensuring that workers and communities will share in the dividend.

“That means giving the new Net Zero Economy Authority every tool it needs to support resource communities in particular through the coming period of economic change.

“This means looking at how government procurement can support small business and local manufacturing, as well as sustainability and the circular economy.

“Putting together the most efficient and effective combination of financing facilities and investor incentives to drive new economic growth.”

Mr Albanese said the Act would secure greater sovereignty over Australia’s resources and critical minerals, as well as drive competition reform, to deliver a better deal for Australian consumers, farmers, producers and workers.

The PM also spoke of the need to deliver “better and broader community benefit” from renewable energy projects and fast-track related infrastructure projects.

Australia’s ability to compete for international green energy investment was also touted.

“Part of the objective here is about Australia presenting potential investors with ‘a single front door’,” Mr Albanese said.

“A clear path to investing in Australia… in hydrogen, green metals and advanced manufacturing.

“And the right skills, supply chains and processes to get projects up and going and see this investment realise a return.

“Above all, this is about giving Australian businesses, Australian communities and the Australian people every possible opportunity to benefit from this moment.”

The Australian Council of Trade Unions (ACTU) welcomed the announcement, highlighting the need to work with Government to ensure that the Act’s content guarantees the creation of “good, safe, secure well-paid jobs and tangible community benefits”.

The ACTU celebrated the announcement of public investment, government procurement, financing and training to build critical industries like green metals, green hydrogen, advanced renewable manufacturing, and value-added critical minerals.

“The Prime Minister’s announcement today of a Future Made in Australia Act promises a historic step forward for workers, for the climate, and for every Australian who wants a fair go on a liveable planet,” ACTU President Michele O’Neil said.

“Decarbonising our economy could create hundreds of thousands of good secure well-paid jobs, healthier communities, and a renewed national prosperity, while safeguarding Australians from spiralling climate crises.

“Renewables have proven time and again that they’re the cheapest form of energy.

“More renewables on the grid means lower power bills – incredibly important during this cost-of-living crisis.

“This is a nation-building project; the Future Made in Australia Act will help Australia compete at the head of the pack in the global race toward our clean energy future and make sure the benefits flow to workers, their families and communities.”

Business Hunter CEO Bob Hawes said the announcement was a “major step in helping the economy achieve net zero whilst ramping up industrial output in new and existing industries”.

“We know there are and will be major opportunities for local businesses and workers in the Hunter to grow a clean industry and reduce emissions.

“We welcome proactive initiatives that encourage Australian made, it’s good for regional economies and the Hunter can and is ready to play its part.

We look forward to seeing the detail in investment.”

While industry has welcomed the move, Opposition leader Peter Dutton said the Labor Government was taking Australia down “a very dangerous path with their renewables and policy”.

“I just think if you look at manufacturing in Australia now, it’s not made in Australia because it’s going broke.

“It’s going broke under the Labor Government because of their energy costs, because of their industrial relations impost, and this Government continues to do everything to please the union bosses, but it’s making it harder for the workers.

“This Prime Minister promises Australian made, but he’s closing Australian industry down.

“Businesses are closing, they’re moving offshore.

“They’re going to Malaysia, they’re going to the United States where they’re paying a fraction of the electricity and gas costs that they are here.

“I want to see Australian made, but under Labor, you won’t get it.

“All you get is business closing down or business moving offshore.”

Heidi Lee, the CEO of independent think tank Beyond Zero Emissions, said Australia was in a position to scale up manufacturing to make the most of its “natural advantages”.

“It’s fantastic to see Australia step off the sidelines of the global clean energy race, and set up our communities to capitalise on our critical minerals by manufacturing solar panels, wind turbines with recyclable blades, batteries, heat pumps and parts for electric vehicles.

“Communities in regional Australia stand to benefit from the investment in affordable and reliable clean energy, and modern infrastructure that will link our resource-rich areas to clean industry clusters built around our established ports and smelters.”

Tim Buckley, the director of non-partisan think tank Climate Energy Finance, has more than 30 years experience in Australian and international financial markets.

“Australia can’t rely on the traditional notion of free markets in international trade and competition,” Mr Buckley said.

“State intervention is the new competition.

“We can’t afford to ‘sit it out’.

“The Future Made In Australia Act puts Australia into the global race.”