The federal government introduced laws for its signature Future Made in Australia policy to parliament on Wednesday.
The strategy, which will spend more than $22 billion across 10 years, will look to safeguard Australia's control over its resources and revive the country's manufacturing base.
The — Jim Chalmers MP (@JEChalmers) @AlboMP @AustralianLabor Government's Future Made in Australia plan is all about building a stronger, more diversified and more resilient economy powered by renewable energy and creating secure, well-paid jobs around the country. #auspol #ausecon pic.twitter.com/8Fb96WnAZ5July 3, 2024
It will also seek to invest in emerging industries in the renewable energy sector as the global economy shifts towards net-zero emissions.
Treasurer Jim Chalmers said the strategy would help secure Australia's place in a changing world.
"(The strategy will) help make Australia a renewable energy superpower, and an indispensable part of the global net zero economy," he told parliament on Wednesday.
"Amidst this churn and change our path to prosperity is clear.
"Australia has been dealt the most incredible set of cards to make ourselves the primary beneficiaries of the net-zero economy."
Under the laws setting out the strategy, a national interest framework would be set up to oversee what projects would be funded.
Projects receiving funds would have to ensure jobs were safe and well paid, engage with the communities, strengthen supply chains and develop skilled and inclusive workforces.
"We know just pumping capital into the transformation won't be enough if we don't pay attention to how we deploy it," Dr Chalmers said.
"These principles will be our lodestar to help ensure our people and our economy are the primary beneficiaries of change, and we will consult on the details of how the principles and plans will be put into practice."
The government is investing billions in emerging industries in the renewable energy sector. (Mick Tsikas/AAP PHOTOS)
An innovation fund will be set up to support emerging technologies such as green metals and manufacturing in clean energy.
Independent analysis by the Treasury would determine which sectors would benefit most from the investment.
However, deputy opposition leader Sussan Ley said the proposal would do little to alleviate pressure already experienced by the manufacturing sector.
"Australian manufacturers need a proper economic plan - they need cheaper and consistent energy, less red tape and industrial relations settings that work for businesses and employees, not the unions," she said.
"Instead of focusing on delivering an economic plan, Anthony Albanese is funding market campaigns to win votes."
The government would need the support of the Greens and other crossbenchers to pass the proposal through parliament.
The minor party is yet to formally indicate if it will back the plan.
Greens senator Dorinda Cox said there were flaws with the scheme.
The innovation fund will support emerging technologies in clean energy in the move to net zero. (Diego Fedele/AAP PHOTOS)
"Future Made in Australia is about the continuation and baking us into the fossil fuel future up to 2050," she told reporters.
"We see this piece of legislation divided up across many portfolios ... but we can see right through the smokescreen.
"This is about coal and gas."
The Australian Conservation Foundation said the manufacturing push would provide a strong foundation for the development of renewable energy.
"These are the industries that will propel our future - not polluting coal and gas, or non-solutions like nuclear energy or carbon capture and storage, which come with huge new risks and keep our economy burning coal and gas for longer," foundation campaigner Elizabeth Sullivan said.
"Future Made in Australia sets out the sort of framework necessary for workers to secure jobs in industries that are powered by renewable energy."
ACTU president Michele O'Neil said the government strategy would be a boost for workers.
"By fulfilling our potential as a world leader Australia can not only support local jobs and the reduction of Australia's climate pollution, but also contribute to cutting the world's climate pollution," she said.
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