https://www.miningweekly.com
Business|Energy|Infrastructure|Manufacturing|Projects|Proximity|Resources|SECURITY|Solar|Manufacturing |Infrastructure
Business|Energy|Infrastructure|Manufacturing|Projects|Proximity|Resources|SECURITY|Solar|Manufacturing |Infrastructure
business|energy|infrastructure|manufacturing|projects|proximity|resources|security|solar|manufacturing-industry-term|infrastructure

Australia joins global subsidy race with 'Future Made in Australia' plan

Australian Prime Minister Anthony Albanese

Australian Prime Minister Anthony Albanese

11th April 2024

By: Reuters

  

Font size: - +

SYDNEY - Australia will launch subsidies and incentives modelled on similar efforts in the United States and Europe to help the giant commodity exporter bolster domestic manufacturing and promote industries it sees as vital to national security.

The "Future Made in Australia Act" will be unveiled by Prime Minister Anthony Albanese at a speech in Queensland state on Thursday.

While it comes with no price tag, at least A$18-billion worth of incentives for renewable hydrogen, solar and manufacturing will be subsumed within the new policy rubric and additional announcements are likely in next month's budget.

Albanese will point to government procurement contracts for local business, incentives for investors and regulatory reforms to fast-track infrastructure projects as potential areas of support.

"Our Government will be proactive when it comes to backing Australia’s comparative advantages and delivering on our national interests," Albanese will say.

"Only Government has the resources to do that, only Government can draw together the threads from across the economy and around our nation."

In the race to roll out clean energy and compete with China in manufacturing electric vehicles and semiconductors, seen as vital for economic prosperity and national security, governments in rich nations are spending billions on subsidies.

The biggest example is in the United States, with the Biden Administration's $430-billion Inflation Reduction Act. The European Union has followed suit along with Japan and Korea.

Australia in turn needs to embrace a bigger role for government as an investor and market participant, Albanese will say.

"We must recognise there is a new and widespread willingness to make economic interventions on the basis of national interest and national sovereignty," he will say.

Australia would be able to compete thanks to its abundant natural resources, proximity to Asia, highly educated workforce and democratic society.

Albanese will stress that the turn to government intervention is not a return to the protectionism or isolationism of old but instead a new form of competition.

Edited by Reuters

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (07/06/2024)
7th June 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.217 0.263s - 91pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: