Australia: Investing AUD 22.7 Billion in The Next 10 Years To Support The Renewable Energy Industry

Australian Treasury Secretary Jim Chambers announced the third federal budget for the Albanese government on May 14th.

The budget includes a Future Made in Australia investment of AUD 22.7 billion (approximately USD 15 billion) over the next 10 years, aimed at attracting investment in key industries and building Australia into a renewable energy superpower. The investment direction of the Australian government includes: 1 billion Australian dollars in specialized subsidies, grants, and other forms of support to promote the production of solar panels in Australia; Invest AUD 940 million in Silicon Valley startup PsiQuantum, betting that the company will build commercial quantum computers in Brisbane.