Prime Minister Anthony Albanese has provided key insights into his pre-budget strategy during a recent speech, announcing plans to introduce the Future Made in Australia Act, a framework aimed at boosting investment, creating jobs, and seizing opportunities in key sectors such as renewable energy, advanced manufacturing, and critical minerals.
The speech, addressed at the Queensland Media Club in Brisbane, highlighted the need for inclusive growth, stressing that every community, must be empowered to participate in the nation’s economic advancement.
“And we need Queenslanders – everywhere – to be part of a new advanced manufacturing workforce,” the PM stressed.
“Researching, designing, building and exporting value-added products to the world,” he noted.
Albanese called for investment in education and training, infrastructure development, and the transition to advanced manufacturing to ensure Australians are equipped to thrive in the evolving economy.
He pointed out initiatives in the US, EU, Japan, and South Korea that include direct government investments, tax incentives, or similar measures.
“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,” Albanese stated.
The Prime Minister outlined Queensland’s crucial role in Australia’s renewable energy transition, citing landmark projects such as solar farms, wind farms, and hydrogen hubs as examples of the state’s potential to lead in clean energy production.
“Queensland will be at the forefront in helping the nations in our region grow, industrialise and decarbonise – and help the world achieve its net zero goals,” he stated.
He emphasised the government’s commitment to supporting resource communities through economic transformation, ensuring that no one is left behind in the shift towards a sustainable future.
Furthermore, Albanese underscored the necessity for proactive government intervention to capitalise on Australia’s comparative advantages and foster sovereign capability in critical industries.
The Prime Minister also stressed the urgency of action, warning against complacency in the face of global economic shifts.
He pledged to pursue bold reforms that prioritise economic resilience, competitiveness, and inclusivity, setting Australia on a path towards sustainable growth and shared prosperity.
Albanese’s address signalled a departure from past approaches, advocating for a more assertive role for government in shaping the nation’s economic future.
“Our Government will be proactive when it comes to backing Australia’s comparative advantages and delivering on our national interests.”
This includes adopting renewable energy, finalising a significant National Skills agreement, establishing the National Reconstruction Fund, and establishing the Net Zero Economy Authority.
Additionally, the PM said the government is aligning Science with Industry under Ed Husic’s leadership to ensure the effective commercialisation of opportunities stemming from Australian innovation.
“In next month’s Budget – and beyond – we’ll be building on that foundation,” Albanese noted.
He continued, “In this time of transformative opportunity, our Government will not be an observer or a spectator – we will be a participant, a partner, an investor and enabler.”
