The Albanese Labor Government will establish a new front door for investors with major, transformational investment proposals to make it simpler to invest in Australia and attract more global and domestic capital.
Establishing the single point of contact is part of the Budget’s $22.7 billion Future Made in Australia package and will help encourage and facilitate the private sector investment required for Australia to succeed and remain an indispensable part of the global economy.
The Future Made in Australia package seeks to maximise the economic and industrial benefits of the move to net zero and secure Australia’s place in a changing global economic and strategic landscape.
The front door will improve our investment environment by streamlining how investors and business interact with the Government, helping them navigate approvals processes and fast‑track major projects where possible.
By establishing this front door service, we will make it quicker and easier for investors of major projects to make decisions and put money to work in Australia, to help build a stronger, more diversified and more resilient economy powered by clean energy.
The approach to delivering an effective front door will be developed in consultation with investors, businesses, governments, unions, communities and other experts over the course of 2024.
The front door will:
- Provide a single point of contact for investors and companies with major investment proposals,
- Deliver a joined‑up approach to investment attraction and facilitation,
- Identify priority projects related to the Government’s Future Made in Australia agenda,
- Support accelerated and coordinated approvals decisions, and,
- Connect investors with the Government’s specialist investment vehicles.
Consultation will be led by a taskforce in the Treasury, working closely with relevant departments, to finalise the detailed design and institutional arrangements, including where this new centralised service for investors is housed, and its name, core functions and operations.
The front door will complement and leverage existing institutions, including the Net Zero Economy Agency (NZEA), which facilitates investment in transformational projects to help Australia, its regions and workers realise the benefits of the net zero economy. The NZEA will continue to expand its services this year and will contribute to the single front door consultation process.
Through this process, we will also seek to strengthen collaboration across the Government’s special investment vehicles, as well as the Future Fund, to share market insights and find opportunities to crowd in new private investment.
We have a strong track record of attracting investment in Australia but the race for global capital is becoming more intense and we cannot be complacent. This initiative will make Australia an even more compelling investment destination and help capitalise on the golden opportunity presented to Australia by the net zero transformation.