Future Made in Australia Innovation Fund

Country / jurisdiction: Australia · Year: 2024 · Status: In force · Level: National · Type: Voluntary

The Future Made in Australia Innovation Fund for the years 2024-2025 and 2025-2026 focuses on supporting the deployment of innovative technologies to enhance Australia's renewable energy potential and address supply chain challenges.

In the 2024-25 Federal Budget, the Australian Government announced the establishment of a AUD$1.7 billion Future Made in Australia Innovation Fund to fund the deployment of innovative technologies and facilities linked directly to priority industries. The Fund is to be administered by ARENA.

$500 million of the fund will be directed to clean energy technology manufacturing, including:

- battery and storage technologies

- hydrogen electrolysers

- energy efficiency and electrification technologies

- and other components critical to the clean energy transition, like cables.

Priority areas include AUD 750 million for green metals such as iron, steel, alumina, and aluminium; and AUD 250 million for low carbon liquid fuels, including sustainable aviation fuels and renewable diesel.

In the 2025-2026 period , the fund continues and expands upon the investments made in the previous year. Additional funding details and specific allocations are expected to be provided, with targeted consultation with market participants and industry bodies to refine and implement the fund's objectives. Both years emphasize leveraging Australia's renewable energy potential, supporting innovation, and facilitating the transition to a net zero economy.