“Future Made in Australia” Announcement is a Step Towards a Competitive Economy

12 April 2024
The vision outlined by Prime Minister introducing the Future Made in Australia Act (the Act) is a step towards making Australia competitive in a world accelerating the clean energy transition.

Australian superannuation funds and other institutional investors have targets to deploy billions of dollars to climate solutions, given their excellent financial opportunities as the global economy decarbonises. However investors have a legal obligation to serve beneficiaries best financial interests, which means Australia must compete globally for that investment and avoid ongoing capital flight.

The Act is therefore a much-needed response by the government to keep Australia competitive, resilient and productive in a global race for capital to fund the clean energy transition.

Investors see considerable value in integrating Australia’s net zero goals with industrial and manufacturing policy, with a strong focus on renewable energy generation and storage, advanced manufacturing, critical minerals, and infrastructure.

IGCC looks forward to working with the government so that the policies contribute to a favourable environment for private investment in climate solutions in Australia. Critical to this will be policies that drive private sector demand for clean industrial products. Investors will not commit money to projects and companies that don’t have any customers.

“With the right policy settings in place, Australian companies and investors could utilise the demand for clean solutions domestically and across the world to create new growth industries in Australia, said Erwin Jackson, Managing Director, Policy, IGCC. “These policy settings will leverage Australia’s potential in clean industries and materials, helping to mobilise capital to reduce emissions, and will lay the foundations for Australia’s ongoing economic success.

“Australia can’t outspend the USA and others but we can outsmart them and use our unique resources to realise our competitive advantage.”

The IGCC looks forward to working with the government and all stakeholders to refine and implement the vision laid out by the Prime Minister. By leveraging Australia’s strengths in innovation, resources, and human capital, we can achieve a prosperous, sustainable future that benefits all Australians.