BUDGET 2024 🗞️Albanese Government's $22.7 Billion Plan for Australian Industry

Audio clip from Treasure Minister Jim Chalmers ⬆️

green fish net in shallow focus photography

The Albanese Labour Government knows industry and science are the foundation of a strong economy that will help Australia make more. Our $22.7 billion Future Made in Australia package recognises that industry, energy, resources, and skills offer huge opportunities for Australia and its people.

Powering Australian manufacturers toward net zero The Albanese Government is committed to supporting Australian manufacturers to capture the immense, once-in-a-generation opportunities to capitalise on our competitive advantages and create more secure jobs:

  • Investing more than $500 million to establish the Battery Breakthrough Initiative to grow Australia's battery manufacturing capabilities. This investment will see Australian industry secure more value from our natural resources, diversify global battery supply chains and support the global transition to net zero. This will complement the Government’s significant investment in critical minerals through a new production tax credit and additional exploration of highly prospective regions.

  • Investing $1 billion in the Solar Sunshot program to supercharge Australia’s ambition to become a renewable energy superpower.

  • Developing a pathway to support green metals manufacturing, by undertaking consultation to position Australia as a world-leader in green steel, aluminium, alumina and processed iron. This consultation will complement the $1.7 billion Future Made in Australia Innovation Fund, which will unlock private capital across new industries including green metals and batteries.

Nothing is free like a free press. Give now to help sustain independent journalism in your community.

It's evident from recent events that there has never been a better moment to support local news. Donate now to help sustain independent reporting.

break line

Strategic examination of Australian research and developmentGreater investment in research and development (R&D) by businesses in Australia is fundamental to maximising the impact of science, research and innovation on Australia’s long-term prosperity, security and wellbeing.

  • The Government will commission a strategic examination of Australia’s R&D system to determine how we can get more value from every taxpayer dollar invested in research, maximise the contribution of science and R&D to the broader economy, and maintain our competitive edge.

Meet growing demand for STEM workersTo support the development of a thriving, skilled and diverse STEM workforce to build a Future Made in Australia, the Government will invest $38.2 million in its response to the Pathway to Diversity in STEM Review. This investment will scale up the Government’s Women in STEM programs and science engagement programs that are driving positive change to attract and retain more people from diverse backgrounds in STEM education and careers. The measures in the 2024-25 Budget build on Government investments that will shape and strengthen Australia’s future, including the $15 billion National Reconstruction Fund Corporation and the $392 million Industry Growth Program. These measures support Australian know-how, Australian businesses and new jobs - including for women and people from diverse backgrounds. They will position Australia to build a Future Made in Australia to maximise the economic and industrial benefits of the move to net zero and secure our place in a changing global economic and strategic landscape.

Got a News Tip?

Contact our editor via Proton Mail encrypted, X Direct Message, LinkedIn, or email. You can securely message him on Signal by using his username, Miko Santos.

breakline

More on The Evening Post AU

  • Get Evening Post Wrap - for nighly bite size news around Australia and the world.

  • Podwires Daily - for providing news about audio trends and podcasts.

  • Podwires Asia - for reporting on podcasting and audio trends in South East Asia

  • There’s a Glitch - updated tech news and scam and fraud trends

  • Manpalikha - The world's and Asia's most inventive advertisements and news.

  • The Freeman Chronicle Podcast - features expert interviews on current political and social issues in Australia and worldwide.

  • That Podcast Exchange - This podcast is an insightful conversation with people at the top of their game and deconstructs them to find the tools, tactics, and tricks to help you achieve your dream goal as Podcast Manager.

The Evening Post AU readers receive journalism free of financial and political influence.

We set our own news agenda, which is always based on facts rather than billionaire ownership or political pressure. Despite the financial challenges that our industry faces, we have decided to keep our reporting open to the public because we believe that everyone has the right to know the truth about the events that shape their world.Thanks to the support of our readers, we can continue to provide free reporting. If you can, please choose to support The Evening Post Australia.