A recent report from Deloitte and WWF-Australia highlights the potential for Australia to enhance its economic competitiveness by producing iron with renewable hydrogen, known as green iron. With the global steel industry facing pressure to decarbonise and reduce greenhouse gas emissions, green iron production could provide Australia with an annual economic boost ranging from $96 billion to $295 billion. The report emphasizes the significance of decarbonising the steel industry, which accounts for up to 9% of global emissions, to align with climate goals like the Paris Agreement. By exporting green iron produced using renewable hydrogen to countries like Japan and Korea, Australia can capitalize on its abundant iron ore reserves, renewable energy potential, and proximity to key markets in Asia. This approach was deemed the most economically competitive option compared to alternatives like green hydrogen and gas-based iron production. However, there are environmental considerations, as many green iron projects intersect with Australia's biodiversity hotspots. Recommendations for protecting nature, promoting regeneration, and ensuring equity benefits for Indigenous communities are highlighted. The report calls for increased renewable energy deployment, government incentives for green iron initiatives, strategic partnerships with trading partners, and the establishment of a carbon price in the Asia-Pacific region to support the transition to sustainable steel production. While progress has been made with initiatives like the $1 billion Green Iron Investment Fund, further investments and policy actions are essential to secure Australia's economic future in a decarbonising world. By fostering collaborations, accelerating renewable energy deployment, and aligning with high integrity standards, Australia can position itself as a leading supplier of green iron and drive global efforts towards decarbonising the steel industry.