Five “rigorous tests” will be legislated to determine which projects the Future Made in Australia agenda backs with billions in tax incentives, grants and direct investments, according to Treasurer Jim Chalmers.
Projects will need to satisfy criteria like being globally competitive and contributing to decarbonisation, national security and economic resilience, all while delivering “genuine” value for money to the government.
The Albanese government has already committed nearly $2 billion to ambitious projects to manufacture solar panels and build a quantum computer in Australia under the Future Made in Australia (FMiA) agenda that will be detailed in this month’s Budget.
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