Trade and construction industries across Australia would benefit from the Australian Jobs Bill becoming law.
Introduced into the house of representatives on May 15, the bill would help Australian firms win work on major projects, instead of that trade going to a bid from an overseas supplier.
Support for small and medium-sized businesses and new Industry Innovation Precincts are just two areas that are set to benefit from the $1 billion plan if the bill passes.
The minister for climate change, industry and innovation, Greg Combet, was positive about the economic effects the bill poses for the industry.
"This Bill is expected to see Australian industry win extra work worth between $1.6 billion and $6.4 billion a year. That's more income, more business and more jobs," he said.
This is great news for local suppliers, workers and businesses looking to get involved with Australia's future projects.
"It will ensure the big companies which develop major projects like new mines, power stations and transport links give local businesses a fair chance rather than defaulting to overseas suppliers," concluded Mr Combet.