Anthony Albanese has unveiled the ‘Future Made in Australia Act’, an effort to reshape Australia's economic and industrial framework. 

Addressing the Queensland Media Club this week, the Prime Minister laid out a series of initiatives aimed at enhancing investment, fostering job creation, and embracing the potential of renewable energy, critical minerals and other industries.

The plan involves offering federal support to stimulate key industries, recreating subsidies and support mechanisms in place across the European Union, Japan, Canada, South Korea, and the United States. 

Albanese pointed to President Joe Biden's Inflation Reduction Act as a model for driving investment in clean energy and other future-oriented industries, despite acknowledging Australia's fiscal constraints compared to the US economy.

The Prime Minister's plan also attempts to address broader concerns of national sovereignty and resilience in the face of global disruptions. By shifting towards a more interventionist stance, the government says it aims to reduce dependence on market forces, taking action to bolster the industrial base and secure Australia's economic future.

The initiative has received a mixed reception. 

While a range of bodies, including the ACTU, Smart Energy Council, and Science and Technology Australia, have welcomed the plan, critics have cast doubts on its viability. 

Innes Willox, Chief Executive of the national employer association Ai Group, has acknowledged the proposal's potential to address supply chain vulnerabilities and coordinate government action. However, Willox also highlighted risks associated with the approach, emphasising the importance of clear objectives, well-designed policy instruments, and a rapid response to inevitable challenges.

Criticism also came from Tania Constable, Chief Executive of the Minerals Council of Australia (MCA), who cautioned against the government steering too close to business operations and creating industries dependent on subsidies. 

Constable said the subsidies would need to focus on sectors where Australia holds a clear competitive advantage.