Albanese to unveil Australia's answer to the US Inflation Reduction Act
In a speech on Thursday, the prime minister will announce the creation of a Future Made in Australia Act to compete with other countries in the new economy.
Standing next to the US Secretary of Commerce Gina Raimondo at the Australian embassy in Washington DC last October, Australian Prime Minister Anthony Albanese delivered a subtle warning about green protectionism.
“We want to make sure — and I think the US, if I can be so bold, agrees — that we can have a win-win here in terms of how we go forward,” Albanese said of Joe Biden’s Inflation Reduction Act (IRA).
But Albanese was only talking about the part of the IRA which could be mutually beneficial for both countries, like the mining and processing of critical minerals.
The other part of the IRA — tens of billions of dollars in subsidies and tax credits for just about every form of clean energy — has concerned leaders all over the world, including Albanese, that billions of dollars of capital will be sucked out of their economies.
