The Albanese government is taking a big punt on its signature Future Made in Australia policy, betting $24.3 billion over 10 years in Tuesday’s budget – these charts show why.
“We have all the resources that will drive the global economy in this century, and we need to seize those opportunities to create high-skilled jobs and to create a future which sees economic growth,” Mr Albanese said this week.
According to Treasury advice, contained in a document outlining the rationale behind the government’s Future Made in Australia policy, this underpins the “strong case” for Australia to lead the world in creating a renewable or green hydrogen industry.“Principally, Australia has world-class renewable energy resources at prices that should be internationally competitive,” Treasury says.
Other areas that will struggle to electrify include mining, agriculture and construction, which together will represent close to 20 per cent of local emissions out to 2030, according to Treasury’s advice.“Some internal combustion engines in current use can tolerate 100 per cent low carbon liquid fuels as a full replacement for conventional fossil fuels, whereas others will require blending or gradual incorporation,” Treasury said.
Yet, Australia has some of the world’s largest reserves of critical minerals such as lithium, cobalt and rare earth elements, and that’s just what has been discovered to date, according to Treasury. Last month, Mr Albanese announced a $1 billion pledge to boost local solar manufacturing through a “solar sunshot” program.
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