The global hydrogen industry is at a critical juncture with conflicting outlooks on its future success. Despite significant development and research costs, few projects have progressed to final investment decisions due to challenges in production costs and infrastructure. In Australia, there is a surge of optimism with over 100 hydrogen projects in the pre-FID stage. The industry's future success in Australia hinges on several key themes, including Japan and Korea's demand for energy security and decarbonization. Japanese and Korean companies are spearheading project opportunities in Australia, emphasizing hydrogen and related compounds as key components of their energy mixes. Australia's competitive advantage lies in its land space for renewable projects and existing LNG infrastructure, positioning it favorably for exports to Asian markets. However, competition from the United States, Europe, and the Middle East presents a challenge. The article highlights the importance of Australia quickly developing its hydrogen industry to attract investments and maintain competitiveness. The focus on regional energy security and the alignment of strategies with defense frameworks further underscore the significance of hydrogen in strengthening international partnerships. Despite uncertainties, the overall sentiment towards the hydrogen industry in the article is positive, with a strong emphasis on the potential for growth and collaboration in the sector.