What's in the budget for businesses? A lot, for those who can engineer a $22.7 billion 'Future Made in Australia'

What's in the budget for businesses? A lot, for those who can engineer a $22.7 billion 'Future Made in Australia'The government has revealed $22.7 billion of long-term spending on clean energy and strategic industries as part of its Future Made in Australia plan.

But unlike previous Australian solar technology advances, which powered China's dominance in producing panels, SunDrive's founders want to manufacture at least some of their product onshore. SunDrive is proving the scalability of its new solar panel at this factory in southern Sydney before embarking on full-scale manufacturing in the Hunter region of NSW.The Albanese government is trying to change that with an $835.6 million investment over the next decade and $66.8 million per year from 2034-35 to 2036-37 to establish the Solar Sunshot program administered by the Australian Renewable Energy Agency .

"So that we're not just mining a project, but we're refining it and we're doing more technical development work and really becoming an advanced manufacturing base in an emerging industry."As the world decarbonises, Australia's resources sector is hoping for more government support in Tuesday's federal budget to extract and process critical minerals.The government is budgeting to invest a further $1.

"This budget invests in our renewable energy superpower ambitions – including $13.7 billion in production tax incentives for green hydrogen and processed critical minerals, so industries are rewarded for scale and success," Mr Chalmers said in his budget speech. "And Australia has a fantastic comparative advantage because we've got enormous resources of renewable energy.

"And the government is arguing, I think, that there needs to be some element of Australia having its own industry.

Federal Budget Budget 2024 Subsidy Future Made In Australia Critical Minerals Renewables Sundrive Renascor Rod Sims

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