Anthony Albanese reveals his bold plan for the future of Australia’s economy
By Savannah Meacham For Australian Associated Press
22:18 10 Apr 2024, updated 01:41 11 Apr 2024
Prime Minister Anthony Albanese will commit Australia’s economic future directly to renewable energy, even as major trading partners such as China take the opposite approach.
Mr Albanese will unveil the Future Made in Australia Act on Thursday at Queensland‘s Media Club.
The Prime Minister believes renewables are the answer to competing on a global stage, regardless of the direction taken by major trading partners like China, the United States and India.
He will say that changed focus may require Australia winding down its trade reliance on existing partners and find new ones, to broaden the import and export of different products.
‘This is not about ideology, it’s about opportunity – and urgency,’ he will say.
‘We need to be willing to break with old orthodoxies and pull new levers to advance the national interest.’
The new focus will be on hydrogen, green metals, solar power, plus other emerging renewable sources and technologies.
As Australia moves towards its goal of net zero carbon dioxide emissions by 2050, it will have to shutter reliable and relatively cheap energy sources such as coal and gas that have supported communities for many decades.
‘This is about giving Australian businesses, Australian communities and the Australian people every possible opportunity to benefit from this moment,’ he will say.
Queensland is set to be at the forefront of the transition with the development of pumped hydro, wind farms, solar and hydrogen manufacturing.
Mr Albanese will say the change in energy sources is a transformation whose magnitude will be bigger than the industrial or information revolutions.
The government will use taxpayers’ money and tax breaks to incentivize companies to invest in clean energy manufacturing.
The speech comes a month before Treasurer Jim Chalmers hands down a difficult budget at a time when the economy is mired in high inflation, a housing shortage crisis, small business failures, and becoming increasingly reliant on immigration to fuel economic growth.
