The Federal Budget for 2024-2025 has boosted the ‘Future Made in Australia’ program with a $22.7 billion package, with the intention to “realise Australia’s potential [as] a renewable energy superpower”.
As part of this package to be released in phases across the next decade, the Government is focused on investing in renewable energy resources, the pathway to net zero, clean energy technologies, quantum research and development (R&D) and climate research.
The Government dedicated $27.7 million to integrate consumer energy resources such as batteries and solar into the grid and $65 billion of investment in renewable capacity will be opened through the Capacity Investment Scheme by 2030.
The Budget also formally established the $1.7 billion Future Made in Australia Innovation Fund, extended the funding of the Australian Renewable Energy Agency (ARENA) by 10 years, provided the $44.4 million Energy Industry Jobs Plan and funded $134.2 million for upskilling and employment support.
The Budget also provided $6.7 billion over the next decade to the Hydrogen Production Tax Incentive to help Australian hydrogen projects get off the ground sooner, and expanded the Hydrogen Headstart program by $1.3 billion.
The investment in ARENA will also see $1 billion dedicated to the Solar Sunshot program and $523.2 million to the Battery Breakthrough Initiative.
Off the back of several announcements regarding advancement in the quantum space, most recently with the University of Sydney being awarded $18.4 million to establish a Quantum Australia centre, the Government has also committed $466.4 million to collaborate with PsiQuantum and the Queensland Government to build a world-first commercial-scale quantum computer in Brisbane.
R&D also got a $38.2 million boost in science, technology, engineering, and maths (STEM) based programs, with a $448.7 million partnership with the United States’ Landsat Next satellite program also set to improve access to critical information to analyse the earth’s climate, agricultural production and occurrence of natural disasters.
“This Budget invests $22.7 billion over the next decade to build a Future Made in Australia. This plan is about maximising the economic and industrial benefits of the move to net zero and securing Australia’s place in a changing global economic and strategic landscape. The global environment is changing rapidly. Supply chains are under pressure, with increasing fragmentation and intensifying global competition,” Budget documents stated.
“New opportunities in clean energy industries are also emerging that will shape the future of the global economy over the next decade and beyond. Given our critical and abundant natural endowments and skilled workforce, Australia is well positioned to strengthen priority supply chains and become an indispensable part of the net zero global economy. The Government’s plan for a Future Made in Australia is central to this transformation.
“It is focused on encouraging and facilitating the private sector investment needed to make the most of this opportunity. The plan will help build a stronger, more diversified and more resilient economy powered by clean energy, in a way that creates secure, well-paid jobs and delivers benefits to communities across the country.”
