Albanese to announce the Future Made in Australia Act
Make us a preferred source
Make us a preferred source on Google
The news: Prime Minister Anthony Albanese is set to announce Labor will legislate a range of efforts aimed at strengthening the country’s competitiveness in the new economy.
The context: Albanese will detail the plans in a speech at the Queensland Media Club in Brisbane on Thursday. The Future Made in Australia Act will be created to bring together a package of new and existing initiatives to boost investment, create jobs and seize opportunities of a future made in Australia, according to a draft of the speech.
While the prime minister will reference the US Inflation Reduction Act and other international laws as examples of linking economic security and national security, he will note that these acts are “not old-fashioned protectionism or isolationism — it is the new competition”.
Albanese will also note the bill will give the Net Zero Economy Authority the tools it needs to support resource communities through the coming decades of economic change. This includes investing in new industries along with supporting small business and local manufacturing as well as sustainability and the circular economy.
He will also say the bill will allow the country to secure greater sovereignty over its resources and critical minerals and will deliver better and broader community benefit from renewable energy projects and fast-tracking the infrastructure that supports them.
What they said: “Above all, this is about giving Australian businesses, Australian communities and the Australian people every possible opportunity to benefit from this moment,” Albanese will say, according to the draft.
The source: PMO
