Anthony Albanese has hit back at criticism of the government’s Future Made in Australia Act by former productivity commissioner Gary Bank.
After Mr Banks joined all his successors, including incumbent Danielle Wood, in condemning the policy of loans, grants, subsidies and investment incentives as a return to protectionism, Mr Albanese said Mr Banks did not understand the policy in full, nor appreciate its objectives.
Moreover, the free market alone was no longer enough to enable Australia to boost advanced manufacturing and clean technology, when like-minded nations, especially the US were adopting schemes to lure investment capital to their shores. “I make no apologies for saying that we can’t continue to sit back and just say ‘well Australia can’t manufacture things, we will just export our resources, wait for value to be added and then import it back at greater value’.”
The Coalition is unlikely to support the FMIA, saying the government should be removing industrial relations hurdles and lowering energy prices if it wants to attract investment.Advertisement
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