Jerome Laxale (Bennelong, Australian Labor Party) Share this | Hansard source

As the world transitions towards net zero emissions, Australia faces both an immense challenge and an unprecedented opportunity. The government is committed to ensuring that we do not just to keep pace with these global changes but that we lead the way, building a stronger, more diversified economy that is powered by renewable energy and underpinned by secure, well-paid jobs. That is what this Future Made in Australia Bill is all about. It's about ensuring that we respond to the immediate pressures of a changing world but also about ensuring that Australia is best placed to take advantage of the opportunities of the future. This bill seeks to lay the groundwork for an economy that is resilient in the face of global uncertainties and dynamic in its capacity to seize new opportunities. The Future Made in Australia Bill is a vital part of a plan to build an economy that is not only stronger and more resilient but also sustainable and fair.

As we look around the world today, we see the effects of the global transition to net zero playing out in real time. Supply chains are fragmenting under the pressure of geopolitical tensions and competition for clean energy resources and technologies is intensifying. For Australia, a nation rich in natural resources and renewable energy potential, this shift presents a significant opportunity but only if we are ready to take it. Economic resilience in 2024 is about building the capacity to thrive in a rapidly evolving world, and this bill is designed to do just that. By focusing on our competitive advantages, which are our abundant renewable resources, our critical minerals and our world-class research and manufacturing capabilities, we can ensure not only that Australia is resilient to face the global challenges but that we emerge stronger and more competitive on the world stage.

We are uniquely positioned to lead in the global transition to net zero. We have some of the world's best wind and solar resources, a wealth of critical minerals essential for clean energy technologies and the expertise in our workforce to harness these resources efficiently. Our resources are in high demand globally as nations accelerate their efforts to reduce carbon emissions and transition to cleaner energy sources. The International Energy Agency has forecast that global demand for critical minerals could increase by as much as six times by 2040, driven largely by the energy transition. This presents us with a golden opportunity to secure our place as a key supplier in the global market.

The global competition for these resources is fierce and, if Australia is to maintain its competitive edge, we must invest strategically and ensure that our industries are equipped to meet the demands of the future. This is where this bill comes into play. By providing a clear and stable framework for investment, this bill will help unlock the private sector capital needed to develop our critical minerals resources and ensure that Australia remains a leader in this vital sector. The potential for us to become a renewable energy superpower is immense. Our vast landscapes are bathed in sunlight and swept by winds, providing us with an almost unparalleled opportunity to generate clean and cheap renewable energy. We are home to some of the largest and most promising deposits of critical minerals, such as lithium, cobalt and rare earth elements. These are essential components of batteries, electric vehicles, and other clean technologies.

However, becoming a global leader in renewable energy requires more than just abundant resources; it demands innovation, infrastructure and international cooperation. We must invest in the technologies that will allow us to harness our renewable energy potential fully. This includes advancing our capabilities in energy storage, grid management and the development of green hydrogen, a field in which Australia has the potential to excel. Green hydrogen, produced using renewable energy, has the potential to become a major export for Australia, providing clean fuel for industries worldwide and cementing our position as a pioneer in the global energy landscape.

Furthermore, our transition to net zero will require significant upgrades to our infrastructure. We must modernise our energy grids, expand transmission networks and build necessary facilities for large-scale renewable energy production and export. This will not only support domestic energy needs but also position Australia as a key supplier of clean energy to the world, particularly to our regional partners in Asia.

This bill is crucial to realising this potential. It lays the groundwork for Australia to lead the world in energy production, innovation and exports. By providing a stable, predictable framework for investment, this bill will attract the capital needed to develop large-scale renewable energy projects, advanced manufacturing and, importantly, the processing of critical minerals here onshore. Already we're seeing the private sector responding to these opportunities. Investments in solar energy farms, wind projects and battery storage systems are on the rise, and they will only continue to rise under the programs and policies of this Labor government. This bill is vital for ensuring that the benefits of the revolution—the renewable energy revolution, not just the standard revolution—are shared widely across—

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