Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I thank Senator Van for the interest in the Future Made in Australia legislation. It is important legislation and I'm hopeful that, when it comes to the Senate, we'll be able to convince senators to vote for it. I understand those opposite are not going to support it, but we can add that to the long list of issues that the opposition don't support.

The legislation will be guided by principles. I don't have the legislation in front of me, but it will set out the guidelines, it will build on the advice that the Treasurer has developed—that is on the Treasury website—and look at opportunities where we do have comparative advantage. I think there's been a long discussion about trying to be good at everything and whether that's really an approach we should take, or whether we should assess support and areas for government and private sector investment to be based on the advantages available to Australia—in particular, Australian industries where we have a comparative advantage. It's not about backing every opportunity but about making sure we are using our strengths and the natural resources we have to make sure that we are maximising those opportunities.

That's why it is focused on production tax credits in green hydrogen and critical minerals and some of those other areas that you've seen for investment that are being led by the climate change minister—also, an innovation fund so that we can look at how we can support innovation. That's a big area of interest, I know, for the private sector. There is also the mapping of and understanding the reach of our natural resources, which was also funded in this budget.