Australia plans to invest over 700 million US dollars in developing the biofuel industry.

The Australian government announced on the 17th that it will invest 1.1 billion Australian dollars in the development of the biofuel industry over the next 10 years. Australian Treasurer Jim Chalmers referred to this investment as a "down payment" for the development of this brand new industry. According to a statement released by the Australian government, this investment plan aims to stimulate private sector investment in areas such as biodiesel and aviation fuels, and is expected to boost demand for biofuel raw materials such as canola and sugarcane.