The Future Made in Australia agenda includes $22.7 billion in tax incentives and innovation investments, with the Albanese government on Tuesday confirming it will break with decades of economic orthodoxy to take advantage of decarbonisation opportunities.
Treasurer Jim Chalmers, whose Treasury will lead the push, positioned the Future Made in Australia (FMiA) agenda alongside cost of living relief as the key pillars in his third Budget, which forecasts back-to-back surpluses for the first time in nearly two decades.
The bulk of FMiA will go to tax incentives for downstream refining and processing of critical minerals and the production of renewable hydrogen. The production credits will be available from 2027 and cost the government more than $2.5 billion annually when in full swing next decade.
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