Future Made in Australia Act: PM Unveils Response to Global Subsidy Push

by | 11. Apr 2024 - 08:53 | Politics

Australian answer to the Inflation Reduction Act and the European Economic Security Strategy.

Australian Prime Minister Anthony Albanese unveiled the Future Made in Australia Act on Tuesday, aiming to strengthen domestic manufacturing and promote key industries such as critical minerals and clean energy. In the speech delivered at the Queensland Media Club in Brisbane, Albanese added that Australia would “bring together in a comprehensive and co-ordinated way a whole package of new and existing initiatives. To boost investment, create jobs and seize the opportunities of a future made in Australia.” The move mirrors global incentives and subsidy pushes to advance fields vital for future technologies and prosperity, like the Inflation Reduction Act in the United States or the European Economic Security Strategy in the European Union. However, Albanese acknowledged that “Australia cannot go dollar for dollar with the United States’ Inflation Reduction Act. But this is not an auction – it’s a competition.” Under the IRA, the U.S. raised billions of dollars, currently unmatched by other global efforts. Albanese did not quantify the newly unveiled act’s monetary power.

Photo: iStock/inkoly

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