The Albanese Labor Government is ramping up investment in Australia’s manufacturing future, announcing a $750 million boost to drive innovation and ensure the nation’s metals industry remains globally competitive.
Australia’s high-quality alumina, aluminium, iron, and steel exports are already valued at over $150 billion annually. With this funding, the government aims to add value to these resources by supporting cutting-edge, low-emissions technology development that will modernise production and reduce environmental impact.
Prime Minister Anthony Albanese emphasised the importance of acting swiftly. “We want to see more Australian workers make more things here,” he said.
“That’s why we are allocating funding to back our local metals manufacturers to seize the opportunities of the future. We’ve got the resources, the workers, and the know-how – the only thing we don’t have is time to waste.”
The investment is part of the $1.7 billion Future Made in Australia Innovation Fund, announced in the 2024/25 Budget. Administered independently through the Australian Renewable Energy Agency (ARENA), the funding will support pilot and demonstration projects to lower emissions, improve productivity, and revitalise plant and equipment. It also aims to unlock commercial-scale production of green metals using Australian ores and renewable resources, opening doors to new trade opportunities and job creation.
Minister for Industry and Science Ed Husic highlighted the long-term vision behind the investment. “Jobs up and emissions down—that’s our goal, and investing in our world-class Australian-made metals know-how is helping make that happen,” he said.
“For a century, metal-making has been the spine of Australian industry, and this investment is there so it continues to underpin our economic and national security resilience for decades to come.”
The funding forms part of a broader $5 billion package aimed at supercharging Australia’s metals industry. Among the key initiatives are:
- Green Aluminium Production Credits and the Green Iron Investment Fund to drive clean metal production.
- A joint package with the South Australian Government to secure Whyalla’s steelmaking future.
- Support for clean energy technology manufacturing, accelerating wind turbine production, battery technology, and hydrogen electrolysers.
- Investment in low-carbon liquid fuels such as sustainable aviation fuel and renewable diesel.
- Legislation to deliver Production Tax Credits for hydrogen and critical minerals—an initiative opposed by the Liberals and Nationals.
- Funding major critical minerals and rare earths projects through the Critical Minerals Facility, including investments in Iluka and Arafura.
- Strengthening Geoscience Australia to accelerate resource discovery.
- Backing the Hydrogen Headstart program to drive clean energy industries.
- Investing in green metals through the Powering the Regions Fund.
Minister for Climate Change and Energy Chris Bowen underscored the Albanese Government’s commitment to positioning Australia as a leader in the global clean energy economy. “We are backing businesses across the country to seize the opportunities of a Future Made in Australia, powered by low-emissions tech including reliable renewables,” Bowen said.
“Helping some of Australia’s largest industrial emitters, like alumina refining, capture the benefits of a global clean energy economy, cut fuel bills, and remain competitive is at the centre of a Future Made in Australia.”
While the government moves ahead with policies designed to decarbonise industries, Bowen contrasted their approach with that of the opposition. “While we are getting on with the job and delivering solutions for hard-to-abate sectors to decarbonise right now, Peter Dutton’s Coalition is championing a $600 billion dollar nuclear scheme that relies on a smaller economy and Australian industry being forced to shut down,” he said.
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