Explainer: Future Made in Australia

Australian made. Sounds good and feels even better. But, how does natural gas fit into the Government’s new plan for a wealthier, more resilient Australia?

Growth, industrialisation and decarbonisation.

These are the three tenets of the Government’s new Future Made in Australia bill.

The bill does what it says on the tin. Setting out a strategic approach to position Australia as a leader in renewable energy, enhance economic resilience, and ensure broadcommunity benefits.

Gas will be central to delivering the aims of the Future Made in Australia bill, supporting reliable energy, job creation, environmental benefits, innovation, and strong trade partnerships.

Here’s how.

Energy Reliability and Transition: Natural gas provides a reliable source of energy that supports the rollout of renewable energy and the transition to net zero.

As Australia aims to become a renewable energy superpower, natural gas ensures energy stability and reliability, preventing disruptions that could affect manufacturing and the energy system.

Economic Resilience: The world is an increasingly uncertain and volatile place. The bill emphasizes building economic resilience and security.

Natural gas is a critical component of this strategy, providing a stable and affordable energy source that supports industry, especially manufacturing. This stability is crucial for maintaining and expanding Australia’s industrial base.

Job Creation and Community Benefits: Investments in natural gas infrastructure can create secure, well-paid jobs, which align with the community benefit principles outlined in the bill. The industry also adds to a national STEM and technical capability, driving skills forward.

These jobs can be particularly important in regional areas, providing employment opportunities and supporting local economies.

Environmental Benefits: Gas is a cleaner-burning fossil fuel. It can help to reduce emissions while the country moves away from coal and ramps up its renewable energy capacity. This makes it critical to the bill’s goal of contributing to emissions reduction at an efficient cost.

Support for Innovation: The Future Made in Australia Innovation Fund and other support mechanisms in the bill can be leveraged to develop and implement advanced technologies for net zero. Technologies all Aussies can benefit from.

This includes innovations in carbon capture and storage (CCS) and other emission-reducing technologies, positioning Australia as a leader in clean energy innovation.

Strengthening Trade Partnerships: Natural gas exports can play a role in strengthening Australia’s trade partnerships. Global demand for natural gas will continue, and Australia’s natural gas industry will contribute to economic growth and trade security, securing our position in the global economy.