Document ID: chunk:federal_register_of_legislation:C2024A00119:front:0:p1
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Future Made in Australia Act 2024

No. 119, 2024

An Act to unlock investment in a Future Made in Australia, and for related purposes

Contents
Part 1—Preliminary
1 Short title
2 Commencement
3 Objects
4 Simplified outline of this Act
5 Definitions
Part 2—National Interest Framework
6 Sector assessments
7 The National Interest Framework
8 Conduct of sector assessments
9 Reporting on sector assessments
Part 3—Provision of Future Made in Australia support
10 The community benefit principles
10A Future Made in Australia support not to be provided for coal, crude oil or natural gas etc.
11 Future Made in Australia plans
11A Reporting on provision of Future Made in Australia support
12 Rules relating to provision of Future Made in Australia support
Part 4—Miscellaneous
13 Delegation by the Secretary
14 Annual report
15 Rules

Future Made in Australia Act 2024
No. 119, 2024

An Act to unlock investment in a Future Made in Australia, and for related purposes

[Assented to 10 December 2024]
Preamble
  The Parliament of Australia recognises that the global transition to net zero and the changing geostrategic landscape present a significant opportunity for Australia. By building a more diversified and resilient economy powered by clean energy and creating more secure, well‑paid jobs, Australia can remain an indispensable part of the global economy as the world undergoes the biggest transformation since the industrial revolution.
  Maximising the economic and industrial benefits of this transformation requires attracting and enabling private investment, making Australia a renewable energy superpower, value‑adding to our resources and strengthening economic security, backing Australian innovation and investing in the people, communities and services that will drive our national success.
  The Parliament of Australia believes that the Australian Government can play a key role in encouraging and facilitating the private investment required to harness this opportunity and strengthen trade partnerships. Targeted public investment can also promote the alignment of economic incentives with Australia's national interests and incentivise private investment at scale in these areas.
  The National Interest Framework will support the Australian Government to make public investments that unlock private investment at scale in the national interest. It will help to assess sectors that can make a significant contribution to emissions reduction at an efficient cost and where Australia could have a sustained comparative advantage and sectors where domestic capability is necessary or efficient to deliver economic resilience and security.
  Community benefit principles will be applied to encourage investment in local communities, domestic industries, supply chains and skills, and promote diverse workforces, secure jobs and tax law compliance. Decision‑makers will be responsible for applying community benefit principles for each Future Made in Australia support and enforcing them appropriately, including through Future Made in Australia plans.
  The coordinated investments