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Budget response: Future Made in Australia could act as ‘national net zero filter’

MEDIA RELEASE 2 mins read

Climateworks Centre welcomes the targeted public investment detailed in the 2024–2025 Federal Budget as part of the Future Made in Australia package. 

Climateworks Centre Sustainable Economies Lead, Kylie Turner, who was in the Budget lock-up said: ‘The federal government’s Future Made in Australia framework is a key climate pillar for this Budget and could function as a national ‘net zero filter’, coordinating industry decisions and funnelling investment in the right direction.’ 

‘It’s precisely the kind of coordination the nation needs to make the most of its once-in-a-lifetime green economy transformation,’ she added. 

The Budget details $22.7 billion over 10 years for the Future Made in Australia package. 

‘Future Made in Australia is also set to provide incentives for green hydrogen and critical minerals. Australia has enormous green hydrogen potential, with our modelling showing that local hydrogen demand for industry, long-haul freight and maritime shipping could reach up to 145 per cent of total energy demand in 2050 across Australia.’

‘This is a crucial year for Australia's climate ambition, with the federal government’s sector decarbonisation plans expected to be released in the second half of 2024,’ said Ms Turner. 

The government’s six national sector decarbonisation plans are: Electricity and Energy; Industry; Resources; Transport; Buildings; and Agriculture and Environment. 

‘The sector plans should add up to net zero and are an opportunity for leadership at a federal level to bring the country's decarbonisation efforts together. If we get this right, generations of Australians can work in and benefit from a net zero nation run on renewable energy, with thriving clean industries and exports.’ 

Climateworks Head of Policy and Engagement, Luke Brown welcomed additional funding for Australia’s international climate engagement, as our neighbours in the Pacific and Southeast Asia look to us to help tackle regional decarbonisation challenges in genuine partnership. 

'As the most disaster prone region in the world, we need to work together to realise meaningful decarbonisation in this critical decade,' added Mr Brown. 

Media enquiries contact:

Bri Hudson | +61 492 265 437 | media@climateworkscentre.org 

Climateworks Centre bridges the gap between research and climate action, operating as an independent not-for-profit within Monash University. Climateworks Centre develops specialist knowledge to accelerate emissions reduction, in line with the global 1.5°C temperature goal, across Australia, Southeast Asia and the Pacific.

www.climateworkscentre.org 

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