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Federal Budget 2024

Finance

Future Made in Australia unveils $1.7 billion innovation fund

Surprise, the Future Made In Australia policy includes $1.7 billion for an innovation fund aimed at early-stage development.
Tegan Jones
Tegan Jones
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federal budget 2024 future made in australia
Prime Minister Anthony Albanese. Source: SmartCompany.

One of the biggest pre-budget announcements was the Future Made In Australia policy. What wasn’t divulged was a $1.7 billion innovation fund aimed at early-stage development.

The Future Made in Australia agenda is designed to foster investment into priority industries in Australia. These include quantum computing, hydrogen, solar power, critical minerals and more.

In addition to the economic resilience and security focuses of the policy, it also highlights the future, particularly working towards net zero.

“The net zero transition and heightened geostrategic competition are transforming the global economy,” the budget papers read.

“These factors are changing the value of countries’ natural endowments, disrupting trade patterns, creating new markets, requiring heightened adaptability and rewarding innovation.”

While the Future Made In Australia policy may appear to be primarily focused on big business, there is a nugget thrown in for startups and small businesses developing technology within the target areas.

As part of the policy, $1.7 billion will be poured into a Future Made in Australia Innovation Fund over the next 10 years. The fund will be administered by the Australian Renewable Energy Agency.

The 2024-25 budget papers are somewhat vague regarding specifics, but do state the funding will support “innovation, commercialisation, pilot and demonstration projects and early stage development in priority sectors”.

The papers specifically call out renewable hydrogen, green metals, low-carbon liquid fuels and clean energy manufacturing such as batteries as target areas for the fund.

This is the second major investment we have seen earmarked for startups in a budget that largely wasn’t focused on the sector. And as it happens, both came under the Future Made In Australia Policy.

At the end of April, the federal government announced a $1 billion co-investment with the Queensland government into PsiQuantum – a quantum computing startup founded by Australians but based in Silicon Valley.

As part of the agreement, the startup will build its regional headquarters in Brisbane in the hope that Australia becomes a home base for quantum computing innovation.

To see SmartCompany‘s full budget coverage, click here.

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Explore the series

Federal Budget 2024

SmartCo’s coverage of the Federal Budget 2024.

  1. Neural Notes: The government was right to bankroll safe AI in the budget
  2. Peter “I’ve run a small business” Dutton delivers budget reply
  3. Cryptocurrency finally mentioned in a Labor budget, sort of
  4. Opinion: The 2024 budget will tip small businesses on the brink over the edge
  5. Future Made in Australia a missed opportunity to drive women entrepreneurship
  6. Fighting inflation with subsidies? It’s been done before, successfully
  7. Coalition to block $13.7 billion Future Made in Australia manufacturing subsidies
  8. Budget support measures will put Chalmers’ economics to the test
  9. “D for dull”: Small business groups lament lack of support and tax reform in budget
  10. “An election budget not an entrepreneur’s one”: Startups react to the 2024 budget
  11. The word ‘startups’ only appeared once in the 2024 federal budget
  12. No love for entrepreneur programs in this year’s budget
  13. Responsible AI gets $39.9 million in the federal budget
  14. Farmers get $625 million to prepare for climate change and drought
  15. Future Made in Australia unveils $1.7 billion innovation fund
  16. New $325 energy bill rebates for one million small businesses
  17. Small business mental health in focus with budget funding for debt helpline and NewAccess
  18. E-invoicing gets $23.3 million in budget scam-fighting measures
  19. Government to change laws about how ‘on hold’ tax debts are handled
  20. Nine things startups need to know about the 2024-25 federal budget
  21. Analysis: Future focused government tries to help small business through painful present
  22. ATO to receive $187 million to combat tax and superannuation fraud
  23. Budget grants $20.5 million for Fair Work to help SMEs with IR compliance
  24. Budget 2024: What SMEs need to know about the $20,000 instant asset write-off extension
  25. Budget 2024: 16 things SMEs need to know about the federal budget
  26. Stop fiddling round the edges: Make the $20,000 instant asset write-off permanent
  27. What we know will be in the 2024 federal budget
  28. Budget 2024: Australian sole traders most want to see tax relief in the budget
  29. Labor’s third budget to post a surplus of $9.3 billion
  30. Your A-Z for the 2024 federal budget: The ultimate glossary
  31. Budget predictions show inflation to return to target soon
  32. Budget 2024: Startup sector’s wishlist calls for regulatory clarity, improved investment market
  33. SMEs call on government to incentivise future growth ahead of budget
  34. Pre-budget announcements quiet on tech and startups this year
  35. Budget 2024: $20,000 instant asset write-off extended again almost 10 years after is started
  36. Budget 2024 wishlist: Small business measures that can help drive growth
  37. Budget 2024: Raise instant asset write-off threshold to $150,000 say industry leaders
  38. Federal budget: $91 million tradie training pledge to help Australia hit ambitious housing target
  39. Make or break tax breaks: BDO’s 2024-25 federal budget prediction
  40. Tax receipts up as Treasurer tempers budget expectations
  41. Government expands $10,000 apprenticeship scheme in search for clean and green energy workers
  42. Exclusive: Half of Australian SMEs not using last year’s headline budget measures
  43. One year later, how did the 2023-2024 budget perform for small businesses?
  44. Master Builders Australia CEO shares budget wishlist and hopes for small business
  45. As hacks and scams hit small businesses, ASBFEO calls for new digital media dispute service
  46. South Australian small businesses call for $1300 energy bill rebate amid “escalating” costs
  47. Chalmers: Surplus still the target, small business tax rate unlikely to change in federal budget
  48. FinTech Australia calls for renewed government support ahead of federal budget
  49. ‘Can’t sit on the sidelines’: Albanese promises direct industry support in pre-budget pledge
  50. ARA CEO reveals retailers’ wishlist for May budget
  51. Chalmers “shooting for a second surplus” amid shifting budget fortunes
  52. Chalmers says budget won’t ignore the slowing economy
  53. Big Shed Brewing, Hawkers Beer tap the administrators as craft beer sector calls for excise freeze
  54. $150,000 instant asset write-off, codes protecting SMEs in COSBOA budget wishlist
  55. Write-offs, grants, AI awareness: Business sector’s 2024 federal budget wishlist

About the author

Tegan Jones

Tegan Jones

Deputy editor

A multi-award-winning journalist, Tegan has been reporting on technology, telecommunications and gaming for the past 10 years. She regularly appears on mainstream media channels as an expert tech commentator. Her previous roles include editor of Gizmodo Australia and global reviews editor at Finder. She has also served as a reporter and editor across Business Insider, Lifehacker and Kotaku Australia. Tegan is also the co-host of one of the top technology podcasts in Australia, Weird Tech. You can find her on Twitter @Tegan_Writes.

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Anthony Albanese economy
auspol
budget 2024
federal budget 2024
future made in australia
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