The Australian Government has decided to invest $750 million in advancing new technologies in the metals manufacturing sector to maintain their position in the global competition. The funding is considered a part of the larger picture behind the $1.7 billion future made in Australia Innovation Fund, introduced in the 2024/2025 Budget, according to the government.
Australia’s metal industry exports alumina, aluminium, iron, and steel worth over $150 billion annually. The industry is hence expected to benefit from innovations that aim to reduce emissions while increasing productivity with modern facilities.
Australian Renewable Energy Agency (ARENA) will be administering the investments while supporting pilot and demonstration projects to accelerate the development of green metals.
“We want to see more Australian workers make more things here. That’s why we are allocating funding to back our local metals manufacturers to seize the opportunities of the future.” Prime Minister Anthony Albanese said.
According to reports the initiative is part of the government’s wider commitment to manufacturing, contributing to over $5 billion in funding for the sector, alongside other investments such as the Green Aluminium Production Credits, the Green Iron Investment Fund, and a joint initiative with the South Australian Government to support steelmaking in Whyalla. Efforts have also been made to advance the manufacturing of clean energy technologies, low-carbon liquid fuels, and hydrogen production.
“Jobs up and emissions down, that’s our goal. 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.” Minister for Industry and Science Ed Husic said.
The Australian government has also been investing in critical minerals projects, managed by Export Finance Australia, that finance projects that are aligned with the Australian Government’s Critical Minerals Strategy; Geoscience Australia, considered a source of information on Australia’s geology and geography provides information to the government and industries. These efforts align with the Powering the Regions Fund, which supports green metals development.
“Helping some of Australia’s largest industrial emitters, like alumina refining, capture the benefits of a global clean energy economy, cut fuel bills and remain competitive is at the center of a Future Made in Australia,” Minister for Climate Change and Energy Chris Bowen explained, emphasizing the importance of investing in clean energy technologies.