The Treasury has conducted a consultation on establishing a new ‘Front Door’ for major, transformational investments as part of the Future Made in Australia (FMA) package.

Australia’s economic transition represents a moment of great opportunity.

Climateworks has extensively analysed and written about Australia’s advantages in the global net zero transition and about building an economy powered by clean energy and the nation’s abundant resources. 

Climateworks welcomes the intent of the FMA Front Door to identify priority projects, improve access to public finance, streamline approval processes and encourage the private investment required for Australia’s economic and emissions reduction goals.

The Front Door is an important element for the delivery of FMA. Climateworks supports the objectives of making it simpler and more attractive for investors to allocate capital to major, transformational projects in Australia and for projects to receive funding.

The transitions that will allow Australia to remain globally competitive are complex, requiring significant action across technology and infrastructure, finance and investment, policy and regulations.

The Front Door is an opportunity for the Australian Government to understand the complexities of large transformational projects and to provide assistance to overcome those complexities to ensure FMA helps establish Australia as a renewable energy superpower. 

The FMA Bill sets out a National Interest framework, sectoral assessment process and requirements for Future Made in Australia plans and community benefits principles.

The rigour set up in the legislation and framework to date should be supported by a similar rigour in determining access to the support contemplated by the Front Door to ensure Australian taxpayers receive value for their money.

The criteria for priority project access should ensure projects are chosen transparently and deliberately and that investments are an effective use of government funding.

The recommendations set out in this submission will enhance the Front Door design and delivery to ensure efforts are focused squarely on the transformational projects Australia needs.

Download the submission