Albanese reveals plan for interventionist green industry policy...

Albanese reveals plan for interventionist green industry policy similar to Biden’s Inflation Reduction Act

He will foreshadow new legislation – to be titled the future made in Australia act – that he says will serve as the framework for the changed approach, with details to come in next month’s federal budget. He will describe this as coordinating a package of new and existing initiatives to “boost investment, create jobs and seize the opportunity” of an Australian-made future.

Albanese does not spell out what those incentives will involve, although possibilities may include concessions, grants, or underwriting of projects.

But he will emphasise that it will underpin the work of the new Net Zero Authority, which aims to facilitate investment in renewable, sustainable energy projects and help retrain workers in fossil fuel industries and guide them into new jobs.

Albanese will cite the US Inflation Reduction Act, which contains half a billion dollars in green energy incentives, and the Chips Act, which subsidises research and production of semiconductor technology, as key reasons why Australia can no longer continue a level-playing-field approach to industry development and energy transition.

https://www.theguardian.com/australia-news/2024/apr/11/albanese-says-australia-needs-sharper-elbows-as-he-signals-domestic-innovation-push