News

9 September 2024

I move amendments 1-11 on the sheet revised 15 August 2024 as circulated in my name together. This is important and whilst I support this bill it can go further and be much clearer. A Future Made in Australia is vital for our future. I do support the intent of this legislation but we must be very clear about the detail. The world is decarbonising, with demand growing for commodities and products that will enable global decarbonisation. Australia, with its abundant natural resources and capacity for innovation, can capitalise on this demand and strengthen our economy through green exports. While the opportunities are great, the opportunity cost is even greater. By failing to seize this opportunity to develop green exports, the world will decarbonise and demand for our traditional commodities of coal and gas will decline,  undermining our economy. I acknowledge that.

We need to be very clear when we say a Future Made in Australia in just how we are going to deliver the intention and the goal that is stated. So, the policy is welcome but it must be central and the cornerstone of our economic policy for decades to come. It must be clear what it is aligned to and that is a net zero world, clean energy, clean resources and clean technology; that is vital. We must play to our natural advantage, support both existing and new players and ensure funding is targeted and fiscally responsible to ensure a return on investment. It must also be focused on decarbonising our own domestic operations and enable global decarbonisation.

The amendments that I moved today focus on ensuring that decarbonisation remains the focus of this Future Made in Australia policy. The government has considered my amendments and I thank the Treasurer and his team in relation to the discussions we have had in that respect. I believe part of one of my amendments will be offered up as part of a government amendment which addresses some concerns but not all of the concerns I have expressed. I understand the government will adopt, in part, one of my amendments, in particular in respect to First Nations communities and traditional owners being able to participate in and share the benefits of the net zero transition. This is important and I welcome this move.

However, I understand they are not going to accept the need for these amendments around making sure emissions reduction are at the core of a Future Made in Australia. They believe it's already implicit in this bill but, as we see too often in this place, there is no such thing as anything being implicit in legislation. It must be explicit. Specifically, the amendments I move to the preamble and objects of this act make reference to the Paris Agreement in achieving 1.5 and keeping global warming to 1.5 degrees of warming. We must ensure an investment of the scale of Future Made in Australia is in line with that commitment; it must be linked to that.

The current bill considers decarbonisation and the net zero economy considerations in only one stream with the second stream referring to economic resilience and security. But you cannot have economic resilience and security unless you are operating in a net zero economy. Therefore, my amendments expressly state that support under this stream is for economic resilience and climate resilience and security within a net zero economy. These amendments will not only safeguard against the Future Made in Australia supporting fossil fuel projects, which absolutely should not happen, but also ensure that any support given under the legislation, whether it be for medical manufacturing or defence manufacturing, is to a project and business aligned with net zero goals. My amendments also mean that sector assessments must take into account direct emission and decarbonisation potential, recognising some projects such as critical minerals value-adding may add to Australia's emissions but ultimately have a substantial net decrease in emissions over its life cycle in decarbonisation that it will enable, for example, electric vehicles and batteries. We must integrate decarbonisation in every aspect of legislation, especially when we are talking about substantial spending of public money. I commend the amendments to the house.