$750m poured into local metal manufacturing as part of the Future Made in Australia
The Federal Government has underlined its support for Australian-Made metals in the face of Donald Trump’s tariffs by providing a new $750m boost to new technology in the sector.
Federal Minister for Industry and Science Ed Husic, along with Prime Minister Anthony Albanese and Minister for Climate Change and Energy the Hon Chris Bowen, released a joint statement to announce the funding, which will be directed towards metals development tech that aligns with Net Zero goals.
As part of the $1.7bn Future Made in Australia Innovation Fund announced in the 2024/25 Budget, this new $750m in funding will accelerate innovation and enhance the development of new low-emissions technologies. It has the potential to enable commercial-scale production of green metals using Australian ores and renewable resources, paving the way for greater trade opportunities, more jobs, and reduced emissions.
The Australian Renewable Energy Agency (ARENA), an independent body, will distribute the funds, which can be used to fund pilot and demonstration projects that can lower emissions, improve productivity, and revitalise plant and equipment.
This marks the latest in a substantial round of manufacturing funding before the upcoming election, with over $5bn allocated to domestic production across renewables, critical minerals, defence, energy, and metals.
“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,” said Husic.
“The work of our scientists and researchers can sharpen our competitive edge, but getting that work into our mills and smelters quickly is a challenge, and that’s where this investment comes in.
“Demand for green metals is expected to account for a third of the global metals market in coming years, this is an opportunity we cannot afford to miss.
“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.”