Mary Doyle (Aston, Australian Labor Party) Share this | Hansard source

I'm proud to rise and speak today in support of the Future Made in Australia Bill 2024. Australia is a very fortunate country. We have incredible natural resources, a robust economy, a thriving business sector, a highly skilled workforce, strong international trading relations and a stable government. With this bill, the Albanese Labor government will be able to promote jobs, security and prosperity for all Australians in this increasingly changing world.

Of course, there are several factors contributing to this change. There's the transformation of industries in this digital age, complex economies and, indeed, our own lifestyles as we make our way towards net zero. However, whilst we navigate this era of fast paced change, there are opportunities afforded to us. The Future Made in Australia legislation can make sure we meet these opportunities head-on rather than taking a backward step.

The Future Made in Australia plan is a big step forward for our country. It is visionary and progressive. It recognises our future growth prospects lie at the intersection of our industrial resources, skills and energy bases and our attractiveness as an investment destination. It demands rigour in government decision-making, which will give investors confidence and clarity.

While the plan is comprehensive, it also has the simple aim of making the most of our resources, which belong to all of us, and to encourage more manufacturing of things here. At the end of the day, this bill is an action plan for a more economically prosperous, secure and independent future for every one of us and for future generations. Who could say no to that?

For too long, our manufacturing industries in Australia have been in steep decline. The previous government failed dismally to address this decline. In fact, they actually made things worse. Remember former treasurer Joe Hockey in this very place challenging Ford and Holden—the last two Australian car manufacturers—to leave our shores. And guess what. That's exactly what they did. They up and left. Great work; well done, guys.

The former government left a policy vortex in this space. They did a fat lot of nothing for this country in terms of industry development—zero, zilch, nada, nothin'. Just like their so-called great economic plan for our future, it was based on an idea—a thought bubble, if you will—which never, ever materialised. Sorry; that was apart from the 'back in black' coffee mugs. By the way, where are those mugs? I'd love to get my hands on one of those since we are actually back in the black now—for real this time. But I digress.

The bill we are currently debating in parliament has three key components. The first component is to embed the government's new National Interest Framework, announced at budget time. This will help identify sectors where Australia has a genuine comparative advantage in the net zero economy or an economic security imperative and better align economic incentives with the natural interest. Legislating this framework will provide the investment sector with clarity and confidence.

The second key component will be establishing a robust sector assessment process. This component will be transparent, made at the request of the Treasurer and implemented by Treasury. These assessments will be made public so that Australians can gauge whether an area of the economy is aligned with the National Interest Framework. The assessment process will also inform government as to any barriers to investment.

An important part of the National Interest Framework is establishing a set of community benefit principles, which brings me to the third key component. The community benefit principles make sure that investments work for local communities, for local businesses and for local workers.

A future made in Australia requires investments that promote and provide safe, secure and well-paid jobs which have good conditions, and this means developing a highly skilled and inclusive workforce and broadening opportunities for workforce participation, particularly for some underrepresented groups such as women, First Nations groups and remote communities, as well as those communities directly affected by the transition to net zero. In addition to this, domestic industrial capabilities will be strengthened through more robust local supply chains.

The bill also enables the identification of Future Made in Australia supports, which are the government investments to which the community benefit principles apply. The bill identifies two initial supports: the Future Made in Australia Innovation Fund and certain investments referred to government for funding consideration under Export Finance Australia's expanded National Interest Account. Other Future Made in Australia supports can be added by the minister under the rules.

The Future Made in Australia (Omnibus Amendments No. 1) Bill 2024 outlines specific changes to enable the measures mentioned. Firstly, the government is amending the Export Finance Australia legislation to encourage and facilitate private sector investment. This includes ensuring the availability of support for existing funds and programs that cannot fully support a project. The bill also enables Export Finance Australia to focus on domestic investments that boost the net zero transformation stream and the economic resilience and security stream. Export Finance Australia will carry out these operations while continuing to bolster other national interest programs such as the Critical Minerals Facility, the Southeast Asia Investment Financing Facility, the Defence Export Facility and the Australian Infrastructure Financing Facility for the PACIFIC—all important projects.

The second schedule of this omnibus bill makes amendments to the Australian Renewable Energy Agency Act 2011. These amendments will ensure that the Australian Renewable Energy Agency, also known as ARENA, can support the Future Made in Australia strategy. ARENA first received statutory funding back in 2011. I should mentioned now that it was back in 2011 that ARENA had bipartisan support. Despite the Abbott-Turnbull-Morrison-led governments and their continued attacks on ARENA, in particular from the Abbott government, it managed to survive and give those three governments their only claims to have responded in some tiny way to climate change, though history shows that both the Turnbull and Morrison governments merely chronically neglected ARENA rather than outright attack it like the Abbott government achieved.

Resulting from these omnibus changes, ARENA will have a limited special appropriation within the legislation. The agency's parameters will be extended to include a fourth objective, which is to contribute to the reduction of global greenhouse gas emissions in accordance with the Paris Agreement. ARENA will also promote electrification and energy efficiency, given their crucial part in enabling a net zero transition, as well as enable greater integration of renewable energy into the grid. Obviously we all know, especially on this side of the chamber, that more renewable energy equals lower power bills. The equation is very simple. With global greenhouse gas emissions in mind, ARENA will also support the development and manufacture of Australian renewable energy products for our trading partners. This will assist our trading partners with their own decarbonisation targets and have a positive effect on reductions globally. After all, there is only one planet, as everyone knows. Our neighbour's problem can be our problem to help them solve.

These positive changes to ARENA will provide the agency with the foundation it needs to support the transition to net zero and make Australia a renewable energy superpower. Statutory funding means ARENA delivers its Future Made in Australia components, such as the Solar Sunshot program and the Battery Breakthrough Initiative. A snapshot of the Sunshot program shows how it supports a future made in Australia. It aims to support innovative manufacturing facilities right across the solar supply chain, and the Battery Breakthrough Initiative promotes the development of domestic battery manufacturing capabilities. We won't just be shipping off raw materials and buying back and shipping in manufactured value-added batteries. Instead, we'll build them here in the first place. What a novel idea. We know that's happening, particularly in rural Australia. In my own home state of Victoria, old or soon to be decommissioned coal-fired power stations are being reutilised by these batteries and other solar initiatives because of their connection to the grid.

This bill directs statutory funding of over $6 billion of ARENA's existing funding to a limited special appropriation. It gives private investors the security required to support the extensive projects crucial to the transformation to net zero. It also showcases Australia's unwavering commitment to climate targets. Internationally we were fast becoming a pariah when it came to our response to very dangerous climate change.

The final raft of reforms to ARENA concern its governance and ensure that the agency has the ability to succeed with its expanded remit. The board will be strengthened, and the agency will be able to employ its own staff. It also changes certain ministerial arrangements, including enabling the Minister for Climate Change and Energy to delegate powers to other ministers and establishing the Minister for Finance as a joint minister for ARENA, reflecting the reality that responding to dangerous climate change must be an economy-wide endeavour. All ministers have a role to play.

As the Treasurer has said:

We have a unique combination of geological, meteorological, geographical and geopolitical comparative advantages. It would be an egregious breach of our generational responsibilities as a government if we didn't play this winning hand.

Well said, Treasurer. That's why this year's budget is backed by $22.7 billion in investment that 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. Since we've come to government, we've had a 25 per cent increase in renewables, record investment in batteries and storage, and over 330,000 rooftop solar installations in just the year alone. In only two years we've approved enough renewable energy projects to power three million Australian homes. Our Future Made in Australia plan is about giving a huge boost to projects like these and ensuring they have what they need to compete in the future, and there's no time to waste.

We are the sunniest and windiest continent on earth, and this is our moment. More than anywhere on earth, Australia is poised to gain new jobs, new industries and new skills, creating opportunity in our regions, our suburbs, our factories, our labs, our TAFES and our unis. Our government is one that is prepared to step up and do its part to fund the apprenticeships, to attract the investments, to build the infrastructure, to boost the industries and to back the brightest ideas. That's what a future made in Australia is all about—a stronger economy made right here. I commend this bill to the House.

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