Claire Clutterham (Sturt, Australian Labor Party) | Hansard source

A Future Made in Australia is an acknowledgement that we live in a constantly and rapidly changing global environment, with intense international competition, constant conflict and supply chains that are consistently being challenged. It's also an acknowledgement that Australia has competitive advantages in renewable energy and critical minerals, and that partnership with the private sector is critical if we are to insulate and grow our economy and create secure, well-paying jobs that advance the national interest.

A key pillar in the Albanese Labor government's Future Made in Australia is the National Reconstruction Fund. Worth $15 billion, the National Reconstruction Fund has announced 28 investments, totalling nearly $1.6 billion, to date—investing in businesses in priority industries that lift manufacturing, value-add and enhance local capability. South Australia was home to one of the first major National Reconstruction Fund investments, with a $25 million investment being made in Myriota, a satellite telecommunications company. This National Reconstruction Fund investment is being used to scale the company's Australian based manufacturing of advanced satellite communications models and hardware for global export. Myriota's technology is growing Australia's capability in the telecommunications and space sectors, while enhancing productivity and efficiencies in partnering sectors such as agriculture, mining and defence.

Staying with defence capability and enabling capabilities—two of the seven priority areas for National Reconstruction Fund investment—Gilmour Space Technologies has also received a $75 million investment, which the company will use to further develop its Eris orbital rocket technology, scale its satellite and rocket manufacturing and expand its spaceport. Another example is the $50 million investment in Advanced Navigation's headquarters, core R&D and high-end precision manufacturing capabilities in Australia. This investment is creating almost 200 new, high-skilled roles in deep-tech engineering, photonics, robotics, high-tech manufacturing, operations and technical sales, and keeping manufacturing jobs here in Australia where they are needed.

This motion also talks about energy, and we are pursuing a prompt but balanced transition to renewable energy. For some, the transition is too slow; for others, too fast; and for others yet again, the transition should be scrapped. But why would you scrap a balanced approach that recognises that the path to decarbonisation and clean energy, whilst urgent, will take time and requires an acknowledgement that some Australian manufacturers do still rely on gas? The government's intervention in the gas market to deliver a gas reservation agreement from next year is a part of this. Yes, we want to phase out fossil fuels, but we can't do that 100 per cent just yet. What we can do in the meantime is continue the agenda at the same time as ensuring Australians are shielded from global energy shocks by having access to adequate quantities of our own gas.

Finally, there's research and development. A Future Made in Australia relies on targeted, meaningful and sufficient investment in research and development, which is why, in the recent federal budget, the government announced it would reform the research and development tax incentive to better incentivise business R&D spending in Australia, primarily by replacing the offset on supporting R&D activities with a higher offset rate on core activities, by refocusing the refundable offset on high-potential firms in need of cash flow support, and by encouraging large-scale R&D firms to undertake their R&D in Australia by increasing the maximum expenditure threshold to $200 million. Collaborative efforts between academia, industry and government agencies are crucial for pushing the boundaries of R&D. This is essential because R&D is the catalyst for innovation. Investing in research means that new ideas can be explored and novel concepts can be worked on before they are introduced to the market. Well-funded and targeted R&D can lead to improvements in a range of things, including economic growth, and it must remain a central pillar of A Future Made in Australia.

See this speech in context