Tracey Roberts (Pearce, Australian Labor Party) Share this | Hansard source

The Future Made in Australia Bill 2024 is a cornerstone of the Albanese Labor government's Future Made in Australia plan, designed to drive our country towards a new era of prosperity and resilience. This bill represents a major step forward in realising our vision for a prosperous future for all Australians. It brings us closer to achieving our goals and secures Australia's position in a shifting global economic and strategic landscape, particularly in light of this global transition to net zero. At a conference held in the United States in 2023, the economist and Nobel Laureate Joseph Stiglitz told the assembly:

Every country has an industrial policy. The question is whether it's explicit, whether it's implicit, whether it's coherent, or whether it's incoherent.

On 11 April 2024, the Prime Minister announced that the Albanese Labor government would introduce a Future Made in Australia Act, signalling the explicit adoption of a new industrial policy for Australia that aims to capitalise on Australia's advantages and resources necessary for the clean energy transition. The new policy will see government taking a more active role alongside the private sector. Prior to the budget, the Treasurer stated that a future made in Australia would be just as much about Australia taking a place within emerging and preferential trading blocs as it would be about stimulating growth and promoting structural change.

The world is undergoing an unprecedented transformation as we shift towards cleaner and more affordable energy sources. This transformation has been likened to the Industrial Revolution in terms of its impact and scale. The Prime Minister has rightly pointed out that we are at the centre of the biggest economic transformation in a century. In the midst of this tumultuous period, our path to prosperity is not just apparent; it is clear and it is achievable.

Australia is uniquely positioned with a remarkable set of advantages. We have geological, meteorological, geographical and geopolitical strengths that give us an unprecedented opportunity to benefit from the global net-zero economy. To ignore this opportunity would be a grave disadvantage to our country and to our future generations. This bill is about leveraging our strengths and ensuring that Australia's future growth is strategically aligned with our industrial, resources, skills and energy bases. We need to ensure that we harness our attractiveness as an investment destination to seize the jobs and opportunities presented by the clean energy transition.

The global landscape is evolving rapidly, and Australia must evolve with it. If we cling to outdated models and resist change, we risk falling behind and becoming poorer and more vulnerable. Our Future Made in Australia agenda is designed to meet these challenges head on. Our goal is not to manufacture the past but to power the future. We are committed to a strategy of engagement and investment, not retreat and protection. We will focus on attracting private investment, rather than replacing it, and we will seek to prosper from change, rather than merely protect ourselves from it.

The Future Made in Australia Bill is not just a piece of legislation; it's a bold blueprint for a thriving, resilient and sustainable future. At its heart are the three dynamic pillars that will shape Australia's economic destiny and steer us towards a greener, more prosperous horizon. The National Interest Framework is absolutely pivotal in pinpointing where Australia can truly excel in the net-zero economy and where we need to bolster our economic and security resilience. It is a strategic compass that ensures every investment aligns with our national interests.

The sector assessment process is where the rubber meets the road. We are going to assess and understand what is holding back private investment in crucial sectors. By uncovering these barriers and tackling them head on, we are clearing a path for private investors to enter the net-zero transition. Treasury will lead this process with an uncompromising commitment to rigour, independence and transparency. These assessments will be laid out in parliament, making sure investors have a clear and accountable picture.

The community benefit principles are nothing short of revolutionary. Our investments must do more than just fuel economic growth; they need to uplift our communities. There are five key principles. The first is to ensure that every investment will create high-quality jobs. We are talking about safe, well-paying jobs with excellent conditions—jobs that make a real difference in people's lives. It will build a skilled, inclusive workforce, will invest in training and open doors for everyone, ensuring broad participation and skill development. It will engage positively with local communities. This includes First Nations communities and those directly impacted by the transition. We're committed to meaningful education, engagement and positive impact. It will strengthen domestic industries by boosting local supply chains and industrial capabilities. We are building a robust, self-sufficient economy. It will ensure transparency and compliance. Our investments will be transparent and fully compliant with Australia's tax system, fostering trust and accountability. These principles will guide each program and will be fine tuned through extensive consultations to make sure they deliver genuine benefits.

We're also rolling out the Future Made in Australia plans. These tailored plans will maximise the broader benefits of our investments, addressing local needs and seizing opportunities with absolute precision. Introducing the Future Made in Australia Innovation Fund is another game changer. This fund will be the powerhouse behind emerging technologies in green metals, clean energy, manufacturing and lower carbon fuels. It's designed to spark innovation and drive technological breakthroughs that will propel us into a sustainable future.

Public investment is crucial, but it's just one piece of the puzzle. The real transformation will come from rallying private sector investment. We are looking at needing an additional $225 billion by 2050 to transition our energy system and seize net zero opportunities in heavy industries. The National Interest Framework and sector assessments are essential to unlocking this private investment. They will help us pinpoint barriers and opportunities, giving investors the clarity and confidence that they need. With Treasury's expert analysis and evidence based assessments guiding the way, we will ensure that private investors are not just informed but inspired to act.

We must remember that throwing money at the economy isn't enough. We need to be strategic about its deployment. The Community Benefit Principles will ensure our investments are not just economically smart but also socially responsible and inclusive. They will guide us in creating quality jobs, developing skills, engaging communities and strengthening our industrial base.

As these projects unfold our Future Made in Australia plans will be tailored to meet specific needs and we will consult widely to ensure these principles deliver real, tangible benefits. The Future Made in Australia Bill isn't just about change. It's about driving a profound transformation that will shape our country's future for the better. This is our chance to lead with vision, to invest wisely and to ensure our prosperity and security for generations to come.

Whilst attending an event in my electorate of Pearce last week, the Prime Minister spoke about the importance and benefits of a future made in Australia. As the resource powerhouse of Australia, Western Australia has a central and vital role to play. For example, Western Australian gas and iron ore has built our nation's wealth. There are WA metals, minerals and resources, WA universities, research and technology and WA businesses and workers. The global respect that our skills and knowledge command is absolutely admirable. Time and time again, Western Australia has embraced new technology and the productivity gains that come with it. This is a compelling combination of the strength that Western Australia brings to the table. It is also powerful proof that Australia can absolutely compete and succeed in a changing global economy. The workers of Western Australia have learned new skills and achieved new standards in safety and sustainability.

As it has grown and adapted, the resource industry has invested in regional communities that support it. They have created local jobs, upgraded local infrastructure and worked with traditional owners to create economic opportunity in remote communities. All of that should give us confidence and optimism for what's ahead because whilst it's true that the resource industry has been a great constant in Western Australia's economy and our national prosperity, it has achieved that by constantly evolving and adapting and by anticipating and shaping the next opportunity. That next opportunity is definitely now upon us. Western Australians know that a future is secured where living standards, wages and productivity rise together. Building an economy that is more competitive and more resilient means working together to shape the future, not waiting for the future to shape us.

Our $22.7 billion budget investment demonstrates our commitment to this agenda. Public investment will pave the way, and private capital will drive the transformation. The Future Made in Australia agenda is an investment and growth strategy designed to provide investors with the clarity, certainty and cooperation that they need from the government.

The time to act is now. The world is changing rapidly, and the opportunities before us will not last forever. We have already spent a decade of denial and delay, and we cannot afford to waste another decade. The only thing Australia doesn't have is time to waste. That is why I commend the Future Made in Australia Bill to the parliament.

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