Future Made in Australia Act 2024

A person or body deciding whether Future Made in Australia support should be provided must have regard to the community benefit principles.

Future Made in Australia support is any support provided by the Commonwealth, a Commonwealth entity or a Commonwealth company (including a grant, loan, indemnity, guarantee, warranty, investment of money or equity investment) in relation to which one or more of the following apply:

the support is provided under the Future Made in Australia Innovation Fund;

the support is provided by the Export Finance and Insurance Corporation:

under section 23B of the Export Finance and Insurance Corporation Act 1991; or

otherwise for the purpose of performing its functions under paragraph 7(1)(df) or (dg) of that Act (which set out the Corporation’s national economy function and net zero function);

the support is identified as Future Made in Australia support under another law of the Commonwealth;

the support is prescribed by the rules for the purposes of this paragraph.

Future Made in Australia support will be provided under other laws.

The community benefit principles are:

that Future Made in Australia support should provide community benefits, in particular by:

promoting safe and secure jobs that are well paid and have good conditions; and

developing more skilled and inclusive workforces, including by investing in training and skills development and broadening opportunities for workforce participation; and

engaging collaboratively with and achieving positive outcomes for local communities, such as First Nations communities and communities directly affected by the transition to net zero; and

supporting First Nations communities and traditional owners to participate in, and share in the benefits of, the transition to net zero; and

strengthening domestic industrial capabilities, including through stronger local supply chains; and

demonstrating transparency and compliance in relation to the management of tax affairs, including benefits received under Future Made in Australia supports; and

any other principles specified in the rules for the purposes of this paragraph.

Subsection (1) does not apply to the provision of Future Made in Australia support under a particular law:

to the extent that having regard to the community benefit principles would be inconsistent with that law; or

in circumstances prescribed by the rules for the purposes of this paragraph.