Future Made in Australia Needs Greater Policy Certainty, Less Focus on Social Objectives: Stakeholders

Stakeholders presenting evidence before the Economic Legislation Senate Committee on the Future Made in Australia (FMA) Bill extended broad support for the framework but expressed concerns about the law’s overly restrictive eligibility criteria, which could limit support for otherwise viable projects. They also called for greater policy certainty to encourage private investment and stronger safeguards to ensure the judicious use of taxpayer dollars. Future Made in Australia is a massive $22.7 billion (US$15 billion) scheme aimed at facilitating Australia’s renewable energy transition by providing sector assessment frameworks, taxpayer-backed incentives for subsidies to manufacturing and clean energy industries, and more. “The eligibility criteria and design of FMA policies must not be so restrictive as to limit support for projects that otherwise meet the policy objectives,” said Bran Black, Chief Executive of the Business Council....