Prime Minister Anthony Albanese will unveil the"Future Made in Australia Act" to help compete with global partners who are providing massive subsidies to new industries.
"We need to be willing to break with old orthodoxies and pull new levers to advance the national interest," the centre-left Labor Party prime minister will say. Albanese will deliver the speech in the northeast state of Queensland, a key electoral battleground and the heartland of the country's gas and coal industries.
"We need this change in thinking and approach because the global economic circumstances are changing in ways far more profound than the consequences of the pandemic or conflict alone," Albanese will say.The act would boost investment in Australia's renewable energy resources, including battery production, like green hydrogen, green metals, create more jobs and ensure a competitive economy, he will say.