Albo’s home grown recovery; plans new push to buy Aussie made

The future of Australia’s economic security relies upon driving local manufacturing and greater sovereignty over the nation’s resources and critical minerals, the prime minister says.

Apr 11, 2024, updated Apr 11, 2024
Prime Minister Anthony Albanese's has announced a $500m investment to search for more critical minerals.. (AAP Image/Jono Searle)

Prime Minister Anthony Albanese's has announced a $500m investment to search for more critical minerals.. (AAP Image/Jono Searle)

Anthony Albanese will unveil plans for a Future Made in Australia Act, proposing taxpayer-funded incentives to advance the manufacturing and clean energy industries, on Thursday when he addresses Queensland’s Media Club.

“Our challenge and our great opportunity lies in anticipating change, shaping it and making sure it delivers for our people,” he will say.

“And doing this in our own, uniquely Australian way.”

Mr Albanese says green energy is the answer to competing on a global stage.

Hydrogen, green metals, solar power, emerging renewable sources and technologies form the future of the country.

The focus of the plan is boosting investment in Australia’s green resources, creating more jobs, building a strong and competitive economy.

As Australia moves towards its goal of net zero by 2050, it means shifting away from old reliable energy sources such as coal and gas that have dominated and supported a number of communities for decades.

But Mr Albanese acknowledges the shift will not happen overnight.

“This is about giving Australian businesses, Australian communities and the Australian people every possible opportunity to benefit from this moment,” he will say.

Queensland is set to be at the forefront of the transition with the development of pumped hydro, wind farms, solar and hydrogen manufacturing.

Mr Albanese likens the new era and push towards new energy resources and jobs to that of the industrial or information revolution – but bigger.

“This is not about ideology, it’s about opportunity – and urgency,” he will say.

Pulling off a green energy revolution requires investment in a host of other aspects of Australian life such as education, housing, care, tourism and farming.

The government says it is pursuing greater investment incentives to fuel the fire for clean energy manufacturing and renewing Australia’s ownership over its resources.

Mr Albanese will say that to achieve this vision, the government needs to evolve to be more strategic, sophisticated and constructive.

This means the government will consider new trade partners aside from traditional allies such as the US and UK to broaden the import and export of different products in emerging markets.

“We need to be willing to break with old orthodoxies and pull new levers to advance the national interest,” he will say.

Shadow treasurer Angus Taylor said “of course” the coalition wanted to see more manufacturing in Australia.

“But … you don’t address a cost of living crisis by throwing hard-earned taxpayers money around,” he told Nine’s Today program.

“And that’s exactly what Albanese is proposing here.”

The speech comes a month before Treasurer Jim Chalmers hands down the budget.

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