2024-2025 Federal Budget Breakdown
The 2024-2025 Federal Budget included a number of relevant items for the developing renewable energy industry in Australia and for Murchison Green Hydrogen.
Here is a brief summary of what was announced.
Future Made in Australia
What are they doing?
Targeted spending in the renewable energy industry, particularly hydrogen.
Why are they doing it?
To achieve a goal of net zero.
How are they doing it?
Through the investment of more than $22.5 billion over 10 years, including:
- $8.7 billion to support renewable hydrogen
- $6.7 billion into a hydrogen production tax incentive
- $2 billion addition into Hydrogen Headstart grant funding
- $1.9 billion for the Australian Renewable Energy Agency (ARENA) to invest in clean energy
- $1.7 billion for a specific Future Made in Australia Innovation Fund
- Over $1.5 billion to support the manufacturing of clean energy technologies
Strengthening of Environmental Approvals
What are they doing?
Creating priority project lists and regional planning.
Why are they doing it?
To ensure efficient approvals processes to support Future Made in Australia.
How are they doing it?
Through investing $182.7 million over 8 years (and $4.5 million ongoing from 2031–32).
This funding will assist the Department of Climate Change, Energy, the Environment and Water (DCCEEW) in:
- Strengthening environmental approvals processes
- Improving community engagement and social license outcomes through permanent establishment of the Australian Energy Infrastructure Commissioner
- Creating voluntary national developer standards with the support of the Clean Energy Regulator
- Developing of a regulatory reform package to realise community benefits in regional communities affected by the energy transition
The priority projects list for renewable energy related projects will be subject to a transparent set of merit-based criteria than the government will publish after consultation with the industry.
Developing a Skilled Workforce
What are they doing?
Investing in training centres and industry funding.
Why are they doing it?
To develop a skilled workforce to support Future Made in Australia.
How are they doing it?
$91 million will be invested over five years to support the development of the clean energy workforce through:
- Addressing vocational trainer workforce shortages; and
- Funding training facility upgrades.
$10 million will be invested in establishment of a National Hydrogen Technology Skills Training Centre, in partnership with the Victorian Government.
To explore the Federal Budget 2024-25 for yourself, visit budget.gov.au.
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