Future made in Australia Act 2024 (NO. 119, 2024).

The objects of this Act are: (a) to establish a National Interest Framework to support the consideration of, and decision - making in relation to, significant public investment that unlocks private investment at scale in the national interest; and (b) to enable the use of the National Interest Framework for sector assessments that analyse the extent to which particular sectors of the Australian economy are ones where: (i) Australia could have a sustained comparative advantage in a net zero global economy and public investment is likely needed for the sector to make a significant contribution to emissions reduction at an efficient cost; or (ii) some level of domestic capability is necessary or efficient to deliver economic resilience and security, and the private sector will not deliver the necessary investment in the sector in the absence of government support; and (c) to ensure that the provision of Future Made in Australia support under other laws considers broad community benefits, in particular by: (i) promoting safe and secure jobs that are well paid and have good conditions; and (ii) developing more skilled and inclusive workforces, including by investing in training and skills development and broadening opportunities for workforce participation; and (iii) engaging collaboratively with and achieving positive outcomes for local communities, such as First Nations communities and communities directly affected by the transition to net zero; and (iiia) supporting First Nations communities and traditional owners to participate in, and share in the benefits of, the transition to net zero; and (iv) strengthening domestic industrial capabilities, including through stronger local supply chains; and (v) demonstrating transparency and compliance in relation to the management of tax affairs, including benefits received under Future Made in Australia supports.
This Act establishes the National Interest Framework, a framework to support the consideration of, and decision - making in relation to, significant public investment that unlocks private investment at scale in the national interest. The National Interest Framework consists of the net zero transformation stream and the economic resilience and security stream. The Minister may, after consulting appropriate Ministers, direct the Secretary to conduct a sector assessment. A sector assessment is an assessment of a sector of the Australian economy conducted for the purpose of analysing the extent to which the sector aligns with the National Interest Framework in one of those streams, as well as opportunities to address barriers to private investment, in the national interest, in relation to the sector. A person or body deciding whether certain support (known as Future Made in Australia support) should be provided by the Commonwealth, a Commonwealth entity or a Commonwealth company must have regard to the community benefit principles. Such support may include a grant, loan, indemnity, guarantee, warranty, investment of money or equity investment. Future Made in Australia support must not be provided for any of the following activities: (a) the extraction of coal, crude oil or natural gas; (b) the construction of infrastructure for the primary purpose of extracting coal, crude oil or natural gas; (c) directly financing investments for the sole purpose of the use of coal, crude oil or natural gas. An applicant for, or recipient of, Future Made in Australia support must have a Future Made in Australia plan in effect in the circumstances prescribed by rules made under this Act.