Australia has the opportunity to substantially boost its economy by shifting towards green iron production, which could generate $295 billion annually and create thousands of jobs, surpassing its current iron ore export values. The government's announcement of a $1 billion Green Iron Investment Fund reflects a commitment to support this transition, although Australia faces tough competition in the global market. Companies in the MENA region, such as Tosyali-SULB, are spearheading green iron production utilizing technologies like Midrex Flex to gradually replace fossil gas with hydrogen, highlighting the need for strong collaboration between producers and end-users. While Australia is behind in commercial-scale DRI production due to challenges like high gas prices and supply constraints, opportunities exist to learn from MENA's strategies and develop a more balanced energy policy. The article also emphasizes the uncertainties and risks associated with scaling up low-carbon iron production in Australia, given its higher gas prices compared to regions like MENA, Canada, and the US. With the steel sector globally moving towards decarbonization and a hydrogen-based economy, the future of gas-based ironmaking in Australia seems uncertain, with investments in fossil fuel technologies posing risks as end-users shift away from high-emission feedstocks. Companies like Vale, through projects like Mega Hubs in the MENA region, are making significant progress in sustainable iron production, while Australia grapples with gas supply challenges. The article concludes that Australia could benefit from adopting strategies from MENA and refining its energy policies to accelerate its transition towards green iron production.