He told the Queensland Media Club the government would introduce the 'Future Made in Australia Act' in the next few months that would combine new and existing initiatives.
He said these initiatives would include reforming competition, promoting renewable energy and other infrastructure, and making better use of Australia's resources.
Australian Prime Minister Anthony Albanese today announced plans to boost economic growth and manufacturing by providing aid to industries and encouraging clean energy. The 'Future Manufacturing in Australia Act' will soon be introduced, incorporating new and existing initiatives. Initiatives will include competition reform, increased renewable energy and better resource use.
He said: “This is not old-fashioned protectionism or isolationism; that is new competition,” he said without disclosing the costs incurred.
“This means looking at how government procurement can support small business and local manufacturing, as well as sustainability and the circular economy,” he said.
Citing plans by the United States, European Union, Japan and South Korea involving direct government investment, tax breaks or other incentives, the Prime Minister warned Australia must introduce similar policies. otherwise there is a risk of losing industries.
“All these countries are investing in their industrial base, their manufacturing capabilities and their economic sovereignty,” he said.
While Australia cannot compete “dollar for dollar” with the giant American economy, an approach similar to that of the United States would benefit the domestic economy, he said.
The prime minister's announcement was welcomed by many sectors, including the Smart Energy Council, the Australian Council of Trade Unions (ACTU) and Science and Technology Australia.
However, opposition leader Peter Dutton said the plan was unworkable and was “peddling false hopes”.
Clean Energy Council chief executive Kane Thornton said: “It is positive news that the Federal Government plans to support its vision with a key policy agenda, placing renewable energy central to our economic future.”
“The standout sectors of hydrogen, green metals and advanced clean energy manufacturing and assembly represent real opportunities for Australia to expand, grow and diversify its energy-focused economy,” he added. clean energy and create additional demand for a large and highly skilled clean energy workforce.”
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