Future Made in Australia Act

12th April 2024

“New and existing subsidies and incentives designed to bolster domestic manufacturing will be brought under the umbrella of a ‘Future Made in Australia Act’, as the government seeks to boost its economic and national security credentials,” writes Phil Coorey in the Australian Financial Review 

Mr Albanese will declare that the free market can no longer be relied upon and that Australia needs “sharper elbows”. According to Albanese, “This is not old-fashioned protectionism or isolationism – it is the new competition.”

The announcement strongly hints at an Australian version of the Inflation Reduction Act, to support domestic manufacturing, with a focus on clean energy.

Tom Crowley writes for the ABC “Anthony Albanese’s set piece policy announcement on Thursday was not short on ambition. The prime minister declared his government was at the crest of a “new wave” of public involvement in the private sector. He pointed to a global “revolution” of governments putting their hands on the scales to support domestic businesses – seen in the US, the EU, Japan, Korea, Canada and China – and declared his intention to join in.”

See also – the Prime Minister’s speech to the Queensland Press Club