The Albanese Labor Government is building Australia’s future, today announcing $750 million to boost development of new technologies to ensure our metals manufacturers remain globally competitive.
Australia is already prized for its alumina, aluminium, iron and steel, and this funding will value add to our high quality Australian metals exports worth over $150 billion annually.
Part of the $1.7 billion Future Made in Australia Innovation Fund announced at Budget 2024/25, this new $750 million of funding will supercharge cutting-edge innovation and boost development of new low emissions technologies.
The Fund will support the development of cutting-edge new technologies, as well as funding pilot and demonstration projects, that can lower emissions, improve productivity and revitalise plant and equipment.
It will have the potential to unlock commercial-scale production of green metals using Australian ores and renewable resources, opening the door to more trade opportunities, more jobs, more value-adding and lower emissions.
Funding will be administered independently through the Australian Renewable Energy Agency (ARENA).
Building on the Albanese Labor Government’s significant support for manufacturing, this latest investment is part of more than $5 billion now allocated to supercharge Australian metals industry.
Together these initiatives demonstrate the Albanese Labor Government’s clear determination for sovereign metals manufacturing to remain in Australia’s future.
- Green Aluminium Production Credits
- Green Iron Investment Fund
- Joint package with SA Government to give steelmaking in Whyalla a strong future
- Funding for clean energy technology manufacturing – accelerating the deployment of emerging battery technologies, wind turbine manufacturing and hydrogen electrolysers
- Funding for low carbon liquid fuels, such as sustainable aviation fuel and renewable diesel.
- Passing legislation to deliver Production Tax Credits for hydrogen and critical minerals, which was opposed by the Liberals and Nationals
- Investment in major critical minerals and rare earths projects through the Critical Minerals Facility including Iluka and Arafura
- Investing in Geoscience Australia to accelerate the discovery of resources
- Funding Hydrogen Headstart to catalyse Australia’s hydrogen and clean energy industries
- Investing in green metals through the Powering the Regions Fund
Prime Minister Anthony Albanese:
“We want to see more Australian workers make more things here.
“That’s why we are allocating funding to back our local metals manufacturers to seize the opportunities of the future.
“We’ve got the resources, the workers, and the know-how – the only thing we don’t have is time to waste.”
Minister for Industry and Science Ed Husic:
“Jobs up and emissions down, that’s our goal and investing in our world-class Australian made metals know-how is helping make that happen.
“The work of our scientists and researchers can sharpen our competitive edge, but getting that work into our mills and smelters quickly is a challenge, and that’s where this investment comes in.
“Demand for green metals is expected to account for a third of the global metals market in coming years, this is an opportunity we cannot afford to miss.
“For a century, metal-making has been the spine of Australian industry, and this investment is there so it continues to underpin our economic and national security resilience for decades to come.”
Minister for Climate Change and Energy Chris Bowen:
“The Albanese Labor Government is backing businesses across the country to seize the opportunities of a Future Made in Australia, powered by low-emissions tech including reliable renewables.
“While we are getting on with the job and delivering solutions for hard-to-abate sectors to decarbonise right now, Peter Dutton’s Coalition is championing a $600 billion dollar nuclear scheme that relies on a smaller economy and Australian industry being forced to shut down.
“Helping some of Australia’s largest industrial emitters, like alumina refining, capture the benefits of a global clean energy economy, cut fuel bills and remain competitive is at the centre of a Future Made in Australia.”