Simplified outline of this Act
4 Simplified outline of this Act
This Act establishes the National Interest Framework, a framework to support the consideration of, and decision‑making in relation to, significant public investment that unlocks private investment at scale in the national interest.
The National Interest Framework consists of the net zero transformation stream and the economic resilience and security stream.
The Minister may, after consulting appropriate Ministers, direct the Secretary to conduct a sector assessment. A sector assessment is an assessment of a sector of the Australian economy conducted for the purpose of analysing the extent to which the sector aligns with the National Interest Framework in one of those streams, as well as opportunities to address barriers to private investment, in the national interest, in relation to the sector.
A person or body deciding whether certain support (known as Future Made in Australia support) should be provided by the Commonwealth, a Commonwealth entity or a Commonwealth company must have regard to the community benefit principles. Such support may include a grant, loan, indemnity, guarantee, warranty, investment of money or equity investment.
Future Made in Australia support must not be provided for any of the following activities:
the extraction of coal, crude oil or natural gas;
the construction of infrastructure for the primary purpose of extracting coal, crude oil or natural gas;
directly financing investments for the sole purpose of the use of coal, crude oil or natural gas.
An applicant for, or recipient of, Future Made in Australia support must have a Future Made in Australia plan in effect in the circumstances prescribed by rules made under this Act.
This Act’s bill:Explanatory memorandumSecond reading speech
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