Prime Minister Anthony Albanese wants to funnel taxpayer-funded incentives towards advanced manufacturing and clean energy projects, as Australia tries to compete with US President Joe Biden's massive spending plans.
"Obviously, Australia cannot go dollar for dollar with the United States' Inflation Reduction Act," speech notes provided by the prime minister's office state."And Australian can absolutely compete for international investment when it comes to our capacity to produce outcomes, the quality of our policies and the power of our incentives."
"All these countries are investing in their industrial base, their manufacturing capability and their economic sovereignty," the prime minister is expected to say."These nations are not withdrawing from global trade or walking away from world markets or the rules-based order, and let me be clear, nor should Australia.
"It is being facilitated, enabled and empowered by national governments from every point on the political spectrum.The Future Made in Australia Act would focus on boosting investment in areas such as rare earths mining and processing, hydrogen and solar energy production. "The first four years of this decade have tested the resilience of our economy and our society alike," he is expected to say.
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