Labor wants to promote a future made in Australia. He knows it will have political appeal. What about the economics?
Already a subscriber?As campaign slogans go, Anthony Albanese is confident he’s on a political winner. The term “Made in Australia” has always had deep community appeal – even as most local manufacturing jobs have steadily, inevitably dwindled.Albanese’s old friend and now US ambassador, Kevin Rudd, was similarly keen on an Australia that “makes things” when he became prime minister nearly two decades ago.
Yet, Australia can hardly afford to match larger countries’ largesse, led by the Biden Administration’sand other tax breaks under the Inflation Reduction Act and the CHIPS and Science Act. It’s not just the Coalition pointing out rising energy costs, taxes and regressive industrial relations changes mean Australia is becoming less rather than more competitive.
Many existing manufacturers are also alarmed about the cost and supply of gas for their businesses, while examples of corporate rent-seeking are inextricably linked to the lure of new government money. And while companies like BHP, Rio Tinto, Fortescue and BlueScope are exploring the potential for developing green iron or steel, for example, future success will require leveraging Australia’s comparative advantages and existing efficiencies in areas like mining.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Anthony Albanese praises courage of Princess of Wales as Australia sends ‘support and strength’Prime minister says thoughts of Australians are with Catherine, who is receiving treatment for cancer
Read more »
Cost of living Australia: Inflation still a budget concern: Anthony AlbaneseThe prime minister has further dampened the hopes of those looking for welfare increases and other budget handouts.
Read more »
Anthony Albanese announces Samantha Mostyn as Australia's next governor-generalSamantha Mostyn AO will replace current Governor-General David Hurley.
Read more »
China lifts Aussie wine tariffs, reopening $1 billion marketPrime Minister Anthony Albanese said Australia would drop its legal proceedings at the World Trade Organisation.
Read more »
TikTok ban: Coalition wants Anthony Albanese government to follow US Congress’ leadPrime Minister Anthony Albanese is rebuffing the calls and says TikTok is a way for Australians to communicate.
Read more »
Anthony Albanese among several politicians to declare free Taylor Swift ticketsThe PM was captured on video at Sydney Eras concert with his fiancee, Jodie Haydon, apparently on balcony of corporate box
Read more »