Author: MIL-OSI Publisher

Source: Australian Parliamentary Secretary to the Minister for Industry

The Albanese Government is developing a fit for purpose digital asset regime to help build a more dynamic and competitive economy.

Today we have released a Statement on Developing an Innovative Australian Digital Asset Industry to provide clarity and certainty to the digital assets sector.

This Statement makes it very clear to the entire digital asset industry that we welcome, encourage and want to foster more of your innovative ideas.

We know that digital assets and blockchain represent big opportunities for our economy, financial sector, payments industry and capital markets.

We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.

The Statement outlines the four key pillars of our approach to digital assets:

1. a framework for Digital Asset Platforms (DAPs), to provide certainty for industry and protection for consumers,
2. a framework for payment stablecoins, under the Government’s Payments Licensing Reforms,
3. undertaking a review of Australia’s Enhanced Regulatory Sandbox environment to ensure it is fostering innovation, and
4. a suite of initiatives to investigate ways to safely unlock the potential benefits of digital asset technology across financial markets and the broader Australian economy.

We’ve already made some good progress, working with stakeholders and the Australian Securities and Investments Commission (ASIC) to ensure the future framework is fit for purpose.

Today we have also released the Board of Taxation’s Review of the tax treatment of digital assets and transactions in Australia.

The report concludes that the taxation of digital assets and transactions can already be accommodated under existing tax law and any uncertainty can be effectively managed by the Australian Taxation Office (ATO) providing additional guidance materials.

In response to the report, the ATO has agreed to form a bespoke and time‑limited crypto working group which will consult with the industry and tax professionals to develop a package of publicly available crypto tax advice.

Harnessing data and the digital economy forms part of our five pillar productivity agenda and we see digital assets playing a role.

We are taking action to ensure innovation can flourish and consumers are adequately protected.

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Related content

Government response to the Board of Taxation’s Review of the tax treatment of digital assets and transactions in Australia

Digital Assets – Crypto – Statement Q&A [PDF 501KB]

Source: Workplace Gender Equality Agency

In the aftermath of Tropical Cyclone Alfred, a trail of destruction stretched along a significant stretch of Australia’s east coast.

Hundreds of thousands of people, homes and businesses were left without power – and with that, phone connectivity also went down.

Labor’s universal outdoor mobile obligation (UOMO) will provide a simple public safety connectivity solution to this.

This will expand outdoor mobile coverage for up to 70 per cent of our vast continent.

This is possible because mobile companies can now leverage the latest generation of global low earth orbit satellites (LEOSats) to help connect mobile phones.

This means people have expanded options to contact triple zero when networks are down, and in areas that don’t have mobile phone reception.

Whether you are facing a natural disaster, broken down on a highway, injured on the farm, or lost in the bush, under UOMO there will be outdoor mobile coverage nearly anywhere Australians can see the sky.

Earlier this year, from Los Angeles, we saw this capability in action.

As the highly destructive and deadly wildfires struck, hundreds of thousands of messages were sent using low orbit satellites and unmodified 4G phones.

In the depths of the crisis, LA residents were able to text loved ones, neighbours, and, most importantly, emergency services.

Yet, the Coalition rushed to mindlessly oppose Labor’s policy despite overwhelming, and growing, support from a wide range of stakeholders.

This includes consumer groups, the National Farmers Federation, regional councils from Queensland to Victoria, Better Internet for Rural, Regional and Remote (BIRRR), and the NSW Rural Fire Service.

We will fill the giant mobile black spot – around 70 per cent of Australia’s land mass – that simply cannot be addressed through mobile tower deployment across our vast continent.

New satellite technology is not a replacement for land mobile networks and the need to keep investing, but rather a complement.

Labor will introduce legislation for UOMO in 2025, with implementation by the end of 2027.

Our initial focus is on the continent-wide emergency contact capability.

Basic mobile data will be considered in the future as technology develops.

Mobile carriers all want to take advantage of these new and emerging technologies and the Albanese Government wants to support this momentum.

Our longer-term interest is to help facilitate a competitive outdoor mobile coverage market for the benefit of Australian consumers. And we are examining incentives to support satellite and mobile operators to deliver public interest and competitive objectives.

Now is not a time for thinking small, looking back, or aiming low.

This is a time to lean into opportunities to make Australia the most connected continent.

Source:

Due to a temporary relocation, you’ll need to book an appointment with the Australian Embassy in Kathmandu for consular, passport and notarial services. Check the Embassy website for details about opening hours and any temporary closures (see ‘Local contacts’).

Source: Australian Parliamentary Secretary to the Minister for Industry

James Glenday:

Let’s get more on the supermarket report. And we are joined now by the Treasurer, Jim Chalmers, who is at Parliament House in Canberra. G’day, Treasurer. Good morning.

Jim Chalmers:

Morning, James.

Glenday:

Now, this report says Coles and Woolworths are among the most profitable supermarkets in the world. Are they gouging us?

Chalmers:

That’s not the conclusion of the ACCC, but the ACCC does say that there’s a lot of market dominance.

What we need here and what we’re delivering here as a government is more scrutiny, more information and more competition.

The report’s really welcome because what it shows is that there are things that we can do and there are things that we are doing to crack down on the supermarkets.

We’re all about a fair go for families at the checkout and for farmers at the farm gate. This will help us put in place the right protections for people.

The government is already acting on a number of recommendations of this report. We made the Food and Grocery Code mandatory. We’ve funded the ACCC and empowered them to crack down on dodgy practices in the supermarkets. We’re reforming the unit pricing code, which is all about that sneaky shrinkflation that drives people crazy. We’re working with the states and territories on planning and zoning to make it easier for new competitors to come in and compete with Coles and Woolies.

All of these are the things that we’re doing. The ACCC has been really helpful in this report and before that, and they will be subsequently in helping to inform that agenda.

Glenday:

Your government’s had this report for about a month. Is there a reason you can’t commit to more of the 20 recommendations?

Chalmers:

We’re committing to all of the recommendations in principle, and as I just said, we’re implementing a bunch of them already.

Whether it’s unit pricing, competition, planning and zoning, the Food and Grocery Code, empowering and funding the ACCC, we’re also funding the supplier groups to empower them, to strengthen their arm in their negotiations with the big supermarkets – this is all about cracking down on the supermarkets.

We know that people are still under a pressure and a lot of that pressure is felt at the checkout. And so we are doing what we can to keep the supermarkets in check at the checkout. And this ACCC report will help us go about it.

Glenday:

Just on the suppliers. I think it’s just under $3 million going to be allocated over 3 years in Tuesday’s Budget. Do you think the industry will be satisfied with that? Because some have said that they need a lot more to ensure that they can negotiate fair terms for their produce.

Chalmers:

Respectfully, industry groups always say that they would like more. I understand that. That’s a story as old as time, James. But what we’re doing here is we are funding those groups to train up and tool up to be able to engage more effectively in those negotiations. It’s a really important step, but it’s also not the only step that we’re taking. An extra $30 million we gave the ACCC to empower them and all of the other policy steps that we’re taking.

We are cracking down on the supermarkets because we know that there is market dominance. We know that people are under pressure. That’s why the Budget’s going to be about the cost of living. It’s also why we accept, in principle, all of these recommendations of the ACCC’s work.

Glenday:

The Nationals and the Greens have been pushing for a breakup of the big supermarkets to increase competition. That’s not a recommendation of this report. Is it an idea you might revisit, though, say, in another term if competition doesn’t improve in the sector?

Chalmers:

The risks of that outweigh the benefits. You’ve got to be really careful that when the Nationals come up with a press release about this that it’s not counterproductive. There’s real risks that it is.

The ACCC has handed down a 441 page report, and not on any of those pages does it support divestiture powers which are being proposed by our political opponents.

Glenday:

Sorry to jump in there. I mean, why would the risk outweigh the benefits? Can you spell that out for us?

Chalmers:

For example, if you make one of the big chains sell in a community, there’s a risk that it’s just snapped up by the other big player in the supermarket sector, and that would be counterproductive. Or if it chases supermarket options out of town in regional communities. It’s got hairs all over it, frankly. That’s why it’s not recommended on any one of the 441 pages of this report.

The other thing, which the ACCC chair has said before, is that what we’re doing when it comes to mergers and acquisitions reform – big change, big competition policy change that myself and Andrew Leigh have brought in – that actually gets in before some of these issues, which would require divestiture. And so, we’re doing a whole bunch of things that are more effective than what our opponents are proposing. And that’s why the ACCC is not recommending what they are.

Glenday:

I just want to get you on 2 other quick issues before we let you go. There’s a lot of debate in your home state of Queensland about Olympic venues. Will there be funding in Tuesday’s Budget for maybe a new stadium?

Chalmers:

Our funding’s for the Brisbane Arena. We’re funding that enthusiastically. Two and a half billion dollars already in the Budget for Brisbane Arena and then almost another billion for smaller venues, legacy venues around southeast Queensland. We’re very proud to be making that commitment because the Olympics are going to be amazing.

We’ve come to the table with billions of dollars in investment – our investments for Brisbane Arena, $2.5 billion, plus smaller venues, almost a billion.

Glenday:

You’ve got a Budget next week and I know that after a long day crunching the numbers, you like to exercise while listening to the rapper Ice Cube. We’ve spoken about this before. We had Ice Cube on the show a few weeks ago.

Chalmers:

I can’t believe you had Cube on the program. Unbelievable.

Glenday:

We did. He was here. He was a bit sceptical of us, but that’s okay. So, I wanted to ask you what lyrics best sum up your fourth Budget? ‘It was a good day’ or ‘check yourself, before you wreck yourself’?

Chalmers:

I was anticipating a question from you about Cube today, James, but I wasn’t anticipating that question. You’ve got to be, as you know, you’re also an aficionado, you’ve got to be very, very careful with the lyrics from –

Glenday:

You do.

Chalmers:

Cube tracks. You got to be very careful.

Hopefully it will be a good day and hopefully it will be a good day next Tuesday.

We’re putting the finishing touches on the Budget today. We’ll send it off to the printers on the weekend and it will reflect the progress that Australians are making together. But it will also recognise that Australians are under pressure still. There’s a lot of global economic uncertainty.

So, the big focus will be the cost of living but also making our economy more resilient in the face of all that global economic uncertainty. And once we get it done and dusted, I’d be happy to come on the show on another occasion and talk about the acceptable parts of Ice Cube’s lyrics.

Glenday:

Jim, I read all your interviews. I just didn’t want before people write in to say we’re losing the plot. I just didn’t want another ‘all will be revealed on Budget night’ answer. We do appreciate you being a good sport and thank you for joining News Breakfast.

Chalmers:

Thanks so much, James.

Source: Australian Parliamentary Secretary to the Minister for Industry

The Albanese Labor Government has today released the report of the Australian Competition and Consumer Commission (ACCC) inquiry into supermarket pricing and competition.

We directed the ACCC to conduct this inquiry as part of our fight for better prices and fairer deals for Australians from the supermarkets.

We know Australians have been under pressure, and a lot of that pressure is felt on the weekly shop.

Easing the cost of living is the Albanese Government’s number one priority and keeping the supermarkets in check at the checkout is another way we are helping.

The ACCC’s inquiry confirms the market dominance of the big supermarkets and makes recommendations to help deliver fairer prices for families and fairer deals for farmers.

As part of its initial response to the report, the Government will provide $2.9 million in the Budget over three years to help suppliers stand up to the big supermarkets.

This funding will go to fresh produce industry associations to deliver targeted education programs, ensuring suppliers understand and can enforce their rights under the Food and Grocery Code.

These programs will help level the playing field for farmers and producers, equipping suppliers with the knowledge to push back against unfair practices and secure better commercial outcomes.

The Government has already taken other significant steps to crack down on the supermarkets and address many of the issues and recommendations in the report, including:

• Increasing ACCC funding by over $30 million to go after supermarkets using misleading pricing tactics.
• Making sure the ACCC is notified of every supermarket sector merger and can scrutinise land acquisition under reforms to merger laws.
• Making it easier for new supermarkets to enter the market with incentives for the states to cut planning and zoning red tape under the revitalised National Competition Policy, backed by our $900 million National Productivity Fund.
• Clamping down on shrinkflation by strengthening the Unit Pricing Code, including penalties for breaches and making prices clearer for shoppers.
• Funding CHOICE to give shoppers more information on the best value supermarkets.
• Making the Food and Grocery Code mandatory, with tougher penalties to stop supermarkets from unfairly squeezing suppliers.
• Extending unfair trading practices protections to small businesses, including farmers and producers.
• Investing $50 million to provide access to low‑cost products for remote stores and improve food security in remote communities.

We are coming at this challenge from every responsible angle because as the report highlights, the issue is complex and ‘there is no silver bullet.’

The ACCC’s comprehensive and evidence‑based 441 page report does not support a divestiture power or the claim that breaking up supermarkets will do anything to help consumers.

The Albanese Government welcomes the report and agrees in principle with the recommendations, which build on actions the Government has already taken and will be considered as part of our existing work. The recommendations fall into four broad groups:

• Addressing planning and zoning issues to reduce barriers to entry and enhance competition, something we are already working through with the states and territories. The Government today has released guidelines for best practice in commercial planning and zoning to support state reform efforts.
• Balancing supermarket buying power with suppliers, especially farmers and producers supplying fresh food, including further changes to the Food and Grocery Code. The Government will consult on these recommendations as part of the review of the remade code within the next 18 months.
• Giving consumers more information about prices, price trends and promotions and loyalty programs to help them find the best value. We will consult on the details of these recommendations to further transparency and continue our clamp down on shrinkflation.
• Improving choice and supply in remote locations by financially supporting community owned stores, and strengthening complaints handling in remote locations. This was a significant focus of our recent investment, and we’ll take the recommendations into account as we roll that out.

We will keep holding the supermarkets to account so Australians get a fair go at the checkout.

Quotes attributable to the Treasurer, Jim Chalmers MP

“We are taking action to get a fair go for families at the checkout and a fair go for farmers at the gate.

“This is about ensuring Australians aren’t treated like mugs by the supermarkets.

“Our ongoing supermarket crackdown means more competition, better prices and better deals for Australians.”

Quotes attributable to the Minister for Agriculture, Fisheries and Forestry, Julie Collins MP

“This important action will help level the playing field for Australia’s farmers and producers.

“Our farmers produce exceptional, high quality food and deserve a fair go when working with the supermarkets.

“The Albanese Labor Government knows how vital our agriculture sector is to Australia, and that’s why we’re continuing to deliver for our hard‑working farmers.”

Quotes attributable to the Assistant Minister for Competition, Charities and Treasury, Andrew Leigh MP

“A healthy supermarket sector should be serving up competition to ensure the big players don’t put profits ahead of people.

“The ACCC report suggests stronger safeguards to stop big supermarkets from stacking the shelves in their favour.

“Labor is making sure Australians get a fair go – whether they’re growing our food or buying it at the checkout.”

Source:

Record keeping requirements

A good record keeping system will help you manage your tax obligations.

All organisations are required to keep accurate and complete records of all transactions relating to their tax and superannuation affairs. This includes not-for-profits.

Generally, for tax purposes, you must keep your records in an accessible form (either printed or electronic) for 5 years.

Basic records

Some of the basic records you may need to keep are:

• governing documents such as  
  • rules or articles of association
  • constitution
  • rule book
  • trust deed
• financial reports such as  
  • financial statements
  • annual budgets
  • reconciliations
  • audit reports
  • accounts payable and accounts receivable
• cash book records of daily receipts and payments
• tax invoices and income tax records, such as  
  • debtors and creditors lists
  • stocktake records
  • motor vehicle expenses
• records relating to employees such as  
  • TFN declarations
  • pay as you go (PAYG) withholding
  • superannuation
  • fringe benefits provided
• records of payments withheld from suppliers who do not quote an Australian business number (ABN)
• banking records such as  
  • bank statements
  • deposit books
  • cheque books
  • bank reconciliation
• grant documentation such as  
  • when funding will be received
  • when acquittals need to be made
  • application deadlines
• registration, certificates and accompanying documents to regulators such as  
  • ATO
  • Australian Charities and Not-for-profits Commission
  • state regulators
• contracts and agreements such as  
  • cleaning, maintenance and insurance contracts
  • finance or lease agreements
• copies of reviews of entitlement to tax concessions
• records to help prepare tax statements and returns.

For more information see:

Mutuality principle – record keeping

Taxable not-for-profits applying the mutuality principle should keep appropriate records demonstrating the basis on which certain member contributions meet the principle.

Generally, your records should show:

• the contributions have been made by all members to a common fund for the benefit of members only
• how you have identified and apportioned the transactions that are for the benefit of both members and non-members.

Charities – record keeping

If your charity is registered with the Australian Charities and Not-for-profits Commission (ACNC), you must keep certain financial and operational records explaining your charity’s position and activities. Your charity must keep these records for 7 years to meet ACNC record-keeping obligations.

For more information see ACNC Record information: keeping recordsExternal Link.

Deductible gift recipient (DGR) – record keeping

You must keep records that explain all transactions and other acts relevant to your organisation’s status as a DGR. This requirement applies to both endorsed DGRs and listed by name DGRs.

The records must be in English or easily convertible to English and must be maintained for at least 5 years after the completion of the transactions or acts to which they relate. The penalty for not keeping proper records is 20 penalty units.

Your records must show that the following were used only for your principal DGR purpose:

• all gifts, and deductible contributions, of money or property made to it for that purpose
• money received because of such gifts or deductible contributions.

If your organisation is endorsed as a DGR, as a whole, or listed by name as a DGR, it must keep adequate accounting and other records.

If your organisation is endorsed as a DGR for the operation of a fund, authority or institution, maintaining a gift fund will show it has used its gifts and deductible contributions and their accretions for the principal purpose of its fund, authority or institution. Your gift fund records will need to substantiate this has happened.

If your organisation maintains one gift fund for two or more funds, authorities or institutions which it operates, the records must identify gifts and deductible contributions made in respect of each separate fund, authority or institution. You must also show how these gifts and contributions, as well as money received by the fund as a result of them, have been used to further the principal purpose of that fund, authority or institution.

You don’t have to keep a record if:

• we notify you that your DGR does not need to keep the record
• your DGR is a company that has been finally dissolved.

For more information see Penalties for the current penalty unit amount.

Record keeping for GST

You must have a tax invoice to claim a GST credit for purchases that cost more than A$82.50 (including GST). If your purchase is for A$82.50 or less you still need to have some documentary evidence to support your GST credit claim.

Your supplier has 28 days to provide you with a tax invoice after you request one. Wait until you receive it before you claim the GST credit, even if this is in a later reporting period.

An invoice containing incorrect or incomplete information is not a valid tax invoice. You may be able to treat it as a tax invoice if it is missing information that can be obtained from other documents the supplier has given you. Alternatively, you can ask your supplier to replace it with a complete and correct tax invoice.

If a supplier does not quote its Australian business number (ABN) you may be required to withhold the top rate of tax from their payment and send the withheld amount to us.

For more information see:

Reconstructing records

If your records have been damaged, destroyed or lost, you need to reconstruct your records to ensure you have accurately calculated your taxable income and comply with general record keeping requirements.

There are several ways we can help you reconstruct your records – for more information, see Reconstructing your tax records. Previous copies of your records may also be held by other parties such as your bank or registered tax agent.

Source: New South Wales Community and Justice

Community encouraged to surrender illegal or unwanted firearms and ammunition to police during firearms amnesty drive this weekend

Friday, 21 March 2025 – 11:18 am.

Police are encouraging people to surrender illegal or unwanted firearms or ammunition at a firearms amnesty drive across the state this weekend.
Assistant Commissioner Adrian Bodnar said police will be conducting the firearms amnesty drive as part of Tasmania’s permanent firearms amnesty.
“The amnesty means you can surrender illegal or unwanted firearms, firearm parts, ammunition, or gel blasters that have the appearance of a firearm at any time without fear of being prosecuted for the possession,” he said.
“Along with the permanent amnesty, Tasmania Police holds mobile firearms amnesty drives across the state each year, for people to come to designated locations to surrender unwanted items.”
“We know there are people in our community that have illegal or unwanted firearms in their possession, and this weekend is an opportunity to surrender them to police, to ensure they don’t end up in the wrong hands.”
“This weekend police will be at a range of locations in the south, north and west of Tasmania, and we encourage people to make the most of the opportunity.”
“If you have items to surrender – come to the mobile amnesty drive, transport the items safely and legally in your vehicle, leave them in your vehicle and walk up and speak to officers who will safely retrieve the items.”
The firearms amnesty drive will be:
➡ SOUTH:
📍 Franklin, Franklin Foreshore Park – Saturday 22 March 11am-1pm
📍 Hamilton Police Station – Sunday 23 March, 3pm-4pm
➡ NORTH:
📍 Longford Police Station – Saturday 22 March, 12noon-3pm
📍 Campbell Town Police Station – Sunday 23 March, 12noon-3pm
➡ WEST:
📍 Smithton Anzac Park, 48 King Street Smithton – Saturday 22 March, 9am-10am
📍 Wynyard Police Station, 21 Saunders Street Wynyard – Saturday 22 March, 11am-12noon
📍 Wivenhoe Recreation Centre, Wivenhoe Showgrounds, 1-7 Pearl Street Wivenhoe, 2pm-3pm
📍 Port Sorell Police Station, 2/5 Club Drive Port Sorell – Sunday 23 March, 9am-10am
📍 East Devonport Recreation Centre, 67 Caroline Street East Devonport – Sunday 23 March, 11am-12noon
📍 Ulverstone Sports and Leisure Centre, Flora Street West Ulverstone – Sunday 23 March, 2pm-3pm
“If you have items to surrender but you’re not able to attend this amnesty drive in person, email firearms.amnesty@police.tas.gov.au or call 131 444 to make arrangements for police to collect items from you.”
“We know that there are people who know about illegal firearms in our community. If you have any information, I urge you to contact police on 131 444 or report to Crime Stoppers Tasmania.”
Crime Stoppers Tasmania Ambassador, Mark Mewis said, “Any illegal firearms in Tasmania should be of concern not only to police, but to the broader community. It is the responsibility of all of us to remove these illicit firearms, and we encourage Tasmanians to report any information they may have.”
“If you know the location of any illegal firearms, or are aware of people in possession of these firearms, you can provide this information anonymously to Crime Stoppers at crimestopperstas.com.au or on 1800 333 000,” added Mr Mewis.”

Source:

We’ve reviewed our advice and continue to advise exercise a high degree of caution in Lesotho, due to the threat of violent crime. Pay close attention to your personal security and the current health situation. Monitor the media and follow the advice of authorities (see ‘Safety’).

Source: Allens Insights (legal sector)

Allens has advised the Clean Energy Finance Corporation (CEFC) on a significant subordinated hybrid funding transaction. The landmark deal forms part of a blended CEFC finance package for Transgrid of up to $1.92 billion across concessional senior debt and subordinated hybrid notes. 

The CEFC finance was critical to addressing the financeability challenges posed by large scale transmission projects and unlocked Trangrid’s investment for the development of the HumeLink and VNI West energy infrastructure projects.  The transaction further strengthens momentum in the Australian hybrid market.

‘We are pleased to have advised on another market-leading subordinated hybrid deal, reinforcing our track record in this growing sector,’ said partner James Darcy.

‘Having advised on the majority of recent hybrid notes issuances, we are proud to be at the forefront of this market, delivering innovative structuring solutions that meet our clients’ evolving needs.’

The transaction comes amid sustained demand for hybrid corporate bonds, from investors both in Australia and increasingly from Asia. Market feedback continues to indicate strong interest in these instruments, with this latest transaction further enhancing market depth and liquidity for well-structured deals.

Allens remains at the forefront of the hybrid bond market, having advised on a series of milestone transactions that have shaped this space, including advising on Pacific National’s inaugural subordinated debt issuance, and on hybrid issuances by Ampol and Scentre.

Allens legal team

Banking & Finance

James Darcy (Partner), Dean Rose (Senior Associate), Bronwyn Neal (Associate)

Source: Ministers for the Department of Industry, Innovation and Science

The Australian Renewable Energy Agency (ARENA) has opened a second round of its Powering the Regions Fund: Industrial Transformation Stream (ITS) program, with $70 million in funding available to support industry to decarbonise.

Following the well subscribed $150 million first round, the second round is open until 15 July 2025 and is expanding its focus to support innovation and advancement in commercial deployment.

The expanded focus areas are:

• Focus Area 1 – Supporting highly innovative, first of a kind technologies and solutions that have the potential to significantly reduce emissions. Funding will help in derisking early-stage investments in solution development, encourage operational trials in new or unproven use cases, unlock funding and deployment opportunities by evidencing technical viability and accelerate timelines to scale demonstration and deployment, advancing technical readiness.
• Focus Area 2 – Accelerating the commercial deployment of technologies and solutions that may be technically demonstrated but are not yet commercially viable or where widespread adoption remains limited.

ARENA CEO Darren Miller said the second funding round is a natural progression for ARENA’s Industrial Transformation Stream and aims to accelerate progress.

“Heavy industry accounts for approximately 44% of Australia’s total emissions and 45% of our energy use. Decarbonising industry is critical in meeting Australia’s short and long-term emissions reduction targets and reducing industrial environmental impact”, said Mr Miller.

“The widened scope of round two highlights the need for innovation, impact and momentum in the industrial transformation space and seeks projects that will drive real, tangible and scalable benefits for industry.”

Industrial decarbonisation at ARENA

ARENA was allocated the $400 million Industrial Transformation Stream as a 2023 budget measure under the $1.9 billion Powering the Regions Fund (PRF). The PRF forms part of Powering Australia, supporting Australia’s ambition to become a renewable energy superpower and meet emission reduction targets of 43 per cent below 2005 levels by 2030, and net zero emissions by 2050.

ARENA is also administering the $40 million National Industrial Transformation (NIT) program that will support the reduction of scope 1 and scope 2 emissions at existing or planned industrial facilities across Australia. With the NIT program funds nearly exhausted, the program is expected to close in April 2025.

More information on the programs can be found on the ITS and NIT funding web pages.

ARENA media contact:

media@arena.gov.au

Download this media release (PDF 143KB)