The Australian government has presented the budget for the next fiscal year 2024-2025 in the country, which focuses on developing renewable energy and relies heavily on the mining industry.

Finance Minister Jim Chalmers said the budget invests in renewable energy, and presented a range of investments in solar panels, base metals and carbon reduction technologies.

Chalmers confirmed that the country is on track to achieve a budget surplus of nine billion Australian dollars (5.5 billion euros) for the fiscal year ending in June 2024, after recording a surplus in the previous year as well.

Chalmers said Australia can no longer ignore the global demand for clean energy, noting that highly polluting raw materials will continue to fuel the Australian economy for years to come.

Australia's budget for the 2024-25 financial year is expected to show a deficit of A$28.5 billion (€17.3 billion), partly due to significant efforts to invest in the country's defence.

In a related context, the new “Made in Australia” program aims to benefit in particular from the opportunities available in the field of renewable energy and local high-tech industries.

This program, inspired by the US Inflation Reduction Act, will allocate the equivalent of 13.9 billion euros to the solar panel sectors, low-carbon fuels, metal tax cuts and other essential areas.