Australian Prime Minister Anthony Albanese will today unveil a major government plan to support local industry through federal support.
Mr Albanese will reportedly announce the Future Made In Australia Act in a speech in Queensland. The plan is expected to provide subsidies and other incentives to support local industry, similar to those offered by other countries such as the European Union, Japan, Canada and South Korea.
As part of his speech, Mr Albanese will stress the importance of strengthening Australia’s industrial base and manufacturing capacity to ensure its economic dominance. The plan will focus on key sectors such as clean energy, battery manufacturing and critical minerals mining.
It is important to stress that the Prime Minister is not seeking protectionism or isolationism, but is talking about ‘new competition’. The government is expected to offer federal support and help create thousands of new jobs in sectors critical to the country’s economy.
Finally, Mr Albanese will point out that despite the strengthening of local industry, Australia is not retreating from the international market as companies continue to explore overseas investment.
