Australia Set To Release 'Future Made In Australia Act'

Australia Set To Release ‘Future Made In Australia Act’

By Chitrika Grover/ Updated On Fri, Apr 12th, 2024

Highlights :

The minister said in his speech, 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.

Australia Set To Release ‘Future Made In Australia Act’

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Anthony Albanese, Prime Minister of Australia in his speech in Brisbane, Albanese announced plans for the Future Made in Australia Act to boost investment, create jobs, and capitalise on Australia’s strengths. He emphasized the importance of Queensland’s contribution to generating energy, skills, jobs, technology, and investment for future prosperity.

He highlighted the need for every community in Queensland to be included, involved, and empowered, stressing the importance of access to high-quality education and training for secure jobs. Albanese discussed Queensland’s role in renewable energy and innovation, aiming to contribute to making Australia a renewable energy superpower and assisting in global efforts to achieve net-zero emissions.

He praised Queensland’s initiatives in renewable energy projects and infrastructure development, emphasizing the significance of Queensland’s Energy and Jobs Plan. Albanese addressed the need for bold action to seize the opportunities at hand, stressing the importance of government intervention and strategic planning in shaping economic policies to drive growth and competitiveness.

Albanese also discussed international economic shifts and the need for Australia to adapt and compete in a changing global landscape. He highlighted the importance of government support in driving economic reform, investing in clean energy, skills development, infrastructure, and fostering innovation.

The minister said in his speech, “United States has implemented the Inflation Reduction Act and CHIPS Acts and pursued what they call a ‘small yard, high fence’ approach to critical industries. The European Union has introduced its European Economic Security Strategy. Japan has the Economic Security Promotion Act. The Republic of Korea is re-framing its economic policy around a National Security Strategy. And Canada has brought in new rules to tighten foreign direct investment in their significant critical mineral reserves. All these countries are investing in their industrial base, their manufacturing capability, and their economic sovereignty. This is not old-fashioned protectionism or isolationism – it is the new competition. 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.”

27 percent of our economic output depends on trade.

And so do 1 in 4 Australian jobs.

We will continue to champion global markets and free trade, to build bilateral and multilateral cooperation and forge agreements.

Equally, we must recognise that the partners we seek are moving to the beat of a new economic reality.

In their different ways, they are re-aligning their economies to better drive and distribute growth across their own populations.

Re-building the social license for economic reform, through better job security and higher wages.

Climate Council Chief Executive Officer (CEO) Amanda McKenzie said, “This is exactly the sort of leadership Australia needs to tackle climate pollution, generate clean jobs, and ensure a brighter future for our kids. In the US we’ve seen similar policies dramatically ramp up investment and create tens of thousands of new jobs. As one of the sunniest and windiest countries in the world, this is a huge opportunity for Australia.

“Globally, the US’ stimulus for clean energy industries is pulling in enormous investment and reshaping energy supply chains. Making smart investments of our own can attract capital and more bright ideas to Australia as well, putting us at the heart of these new global energy and industry partnerships.

“With the right policy settings, the Future Made In Australia Act can unlock huge economic benefits – in new industries, more jobs and a safer climate future for every community. The Federal Government is making a smart choice by prioritizing clean manufacturing.”

He concluded by emphasizing the importance of Queensland’s capacity for innovation and reinvention, outlining a vision for a future made in Australia characterized by fairness, equality, and opportunity for all.