Cassandra Fernando (Holt, Australian Labor Party) Share this | Hansard source

Today we face a crucial moment in Australia's economic history. The Albanese Labor government is committed to building a future made in Australia, where local industries and ideas not only survive but thrive. This vision is about more than just economic growth; it's about ensuring that every Australian benefits and about securing our place in the global economy. That's why I am proud to discuss the Albanese Labor government's Future Made in Australia Bill 2024. Our plan, backed by $22.7 billion in investment, aims to unlock the full potential of our resources and transform Australia into a manufacturing superpower. This bold agenda is designed to drive innovation and industry growth, establishing Australia as a global hub for advanced technologies. Our initiatives include the Future Made in Australia Innovation Fund, the Hydrogen Headstart program, the Battery Breakthrough Initiative and the Solar Sunshot program. These programs are all about investing in the breakthrough technologies that will revolutionise our industries.

We are also focused on building strong supply chains and encouraging collaboration between industry and academia to drive research and development. This is not just about securing our economic future; it's about shaping a future where Australian innovation and creativity are celebrated globally. In this future, Australia leads by example, meeting the challenges of the 21st century and thriving in adversity. It's a future where every Australian has the chance to succeed, where innovation flourishes and where sustainability is at the core of everything we do. Labor is dedicated to this vision and is working hard to make it a reality.

Today marks a pivotal point in Australia's economic journey. We must address the consequences of past decisions that have weakened our manufacturing sector. Over the past decade, the previous Liberal governments neglected and mismanaged our industries, leading to the decline of key sectors like car manufacturing. This sector was not just a part of our economy; it was crucial to our national identity and prosperity. Instead of supporting local industries, the Liberal government chose to prioritise cheap imports over domestic production. This short-sighted approach hurt our manufacturing capabilities and sacrificed the livelihoods of hardworking Australians, families and entire communities. The result has been a shrinking industry base, fewer job opportunities and a heavy reliance on foreign goods. Now we have the chance to change the direction and focus on supporting local industries and communities. The Albanese Labor government is committed to bringing manufacturing back to Australia and building a future made right here. Our aim is not only to recover from past mistakes but to secure our place in the global economy and build a stronger and more resilient nation.

The Future Made in Australia Bill is based on three pillars: the National Interest Framework, which helps us focus on sectors where Australia has a clear advantage in the new net-zero economy or where investment is needed for economic security; the sector assessment process, which is crucial for understanding and overcoming barriers to private investment in important sectors; and community benefit principles, which ensure that both public and private investments provide strong economic returns and also benefit our communities. These pillars are the foundation of the Future Made in Australia Bill, guiding us towards a successful, future-ready economy.

Our $22.7 billion investment is not just about infrastructure; it's an effort to drive innovation, support local industries and establish Australia as a leader in the 21st century. The Future Made in Australia Bill represents a bold agenda. It aims to boost industry growth and innovation through targeted investments and strategic initiatives. Our approach builds on Australia's vast natural resources and minerals, which are crucial for our economic prosperity and the global shift towards sustainability. Australia is a world leader in essential minerals like lithium, cobalt, rare earth elements, iron ore, copper and gold. These minerals are key for advanced technologies such as batteries and renewable energy systems. Currently, these resources are exported overseas, where other countries process them into high-value products and capture the full economic benefit. The Albanese Labor government recognises the potential for Australia to process these critical minerals here, adding significant value and creating high-quality jobs. By investing in advanced processing technologies, we can produce high-value products like green steel, biodiesel and advanced batteries right here in Australia. This shift will reduce our dependence on foreign processing and allows us to secure a larger share of the global value chain and create good jobs right here.

Our plan includes the Future Made in Australia Innovation Fund, the Hydrogen Headstart program, the Battery Breakthrough Initiative and the Solar Sunshot program. Each of these initiatives is aimed at making Australia a leader in cutting-edge technologies and industries. The Future Made in Australia Innovation Fund will support emerging technologies and startups, nurturing Australian talent. The Hydrogen Headstart program aims to make Australia a global leader in clean hydrogen production, the fuel of the future, using our renewable resources. The Battery Breakthrough Initiative focuses on improving battery technologies by using our minerals to create crucial components for energy storage and electric vehicles here onshore. The Solar Sunshot program is dedicated to capitalising on our abundance of sun by making renewable energy more accessible and affordable. These programs will create good jobs, high-tech jobs and high-paying jobs.

By investing in advanced manufacturing and digital innovation, the bill will open up opportunities for skilled professionals in engineering, data science and technology development. In addition, we are committed to building a resilient supply chain and promoting collaboration between industry and academia. This approach will drive research and development, ensuring Australia remains at the forefront of technological advancements and can compete globally. For those who question the potential of this bill, consider the success of the US Inflation Reduction Act. This act has created over 170,000 new jobs across 210 projects in electrical vehicles, batteries and clean energy. In the US, manufacturing construction spending has doubled since the end of 2021. It's clear that reviving manufacturing sectors is possible, and I believe Australia has the resources and capabilities to achieve similar success.

The Future Made in Australia Bill envisions a nation that leads by example. It's about not only addressing the challenges of the 21st century but thriving despite them. It's a future where every Australian has the chance to succeed, where innovation flourishes and where sustainability is at the heart of our economy. As we move forward, we must learn from our past mistakes. The previous government's neglect of manufacturing has left us with underinvestment and missed opportunities. But instead of focusing on past failures, we should concentrate on the future we can build together.

Australia is a land of opportunities, blessed with abundant natural resources and a skilled workforce. Our rich deposits of critical minerals, vast renewable energy potential and innovative spirit give us a unique position to benefit from the global shift towards sustainable industries. We have the chance to turn these advantages into economic strength, driving growth and creating quality jobs for all Australians. The Future Made in Australia Bill represents our commitment to seizing this opportunity. By investing in local industries and supporting new technologies, we are not just addressing immediate needs; we are laying the foundation for a prosperous future. This is about more than just policy; it's about building a legacy of strength, resilience and opportunity for future generations.

The Liberal Party's failure to invest in manufacturing has left a gap that we are determined to fill. Their lack of vision has cost us valuable industrial capacity and economic potential. With the Future Made in Australia Bill, we are setting a new course that prioritises Australian workers, supports local businesses and builds a sustainable future. We are committed to ensuring that Australia not only recovers from past mistakes but also emerges stronger and more competitive than ever. I want to thank the ministers who have worked on this bill, especially Treasurer Jim Chalmers and Prime Minister Anthony Albanese, for their vision. I commend this bill to the House.

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