The Federal Government has announced a $750 million investment aimed at boosting the development of new technologies to ensure Australia’s metal manufacturers remain globally competitive.Australia is already prized for its alumina, aluminium, iron and steel, and this funding will 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 innovation and boost development of new low emissions technologies.
“We want to see more Australian workers make more things here,” said prime minister, Anthony Albanese.“That’s why we are allocating funding to back our local metals manufacturers to seize the opportunities of the future.”
The Fund will also fund 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, and lower emissions.
Funding will be administered independently through the Australian Renewable Energy Agency (ARENA).
Together this and the below initiatives demonstrate a Federal Government that is showing determination for sovereign metals manufacturing to remain in Australia.
- Green Aluminium Production Credits.
- Green Iron Investment Fund.
- Joint package with the 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.