Prime Minister Anthony Albanese has announced the Federal Government’s new Future Made in Australia Act which, once launched, is set to drive growth in the local manufacturing sector in order to foster a stronger national economy.
Mr Albanese made the announcement in a speech given on 11 April in Queensland, where he said that the Federal Government is looking to drive growth, improve competition, lift productivity and create the next generation of prosperity and opportunity.
“We will bring together in a comprehensive and co-ordinated way a whole package of new and existing initiatives,” Mr Alabanese said.
“To boost investment, create jobs and seize the opportunities of a future made in Australia.
“We want to look at every measure that will make a positive difference – investing in new industries and ensuring that workers and communities will share in the dividend.”
Mr Albanese said that the act would consolidate existing efforts under one banner, including Hydrogen Headstart, Solar Sunshot and the $15 billion National Reconstruction Fund.
National Reconstruction Fund
The National Reconstruction Fund is the first step in the Federal Government’s plan to rebuild Australia’s industrial base.
The fund will seek to revive Australia’s ability to make world-class products and, in the process, create secure well-paid jobs for Australians.
The $15 billion fund aims to support projects that create secure well-paid jobs, drive regional development, and invest in Australia’s national sovereign capability, broadening and diversifying the economy.
Skills and training
The Federal Government has said that its first budget is investing in 480,000 fee-free TAFE and training places to skill up more Australians for better paying jobs, alongside upgrading TAFEs so students have access to the latest facilities that’ll help them learn best.
The Federal Government said that it is also providing funding for 20,000 additional university places for disadvantaged Australians.
Additionally, to make sure it is providing training in the areas employers need now and in the future, the Federal Government is setting up a new advisory body – Jobs and Skills Australia.
Mr Albanese said that the Federal Government is investing in manufacturing to make more things here.
“We’re building the infrastructure and clean energy to power new growth. We’re training people in new technologies. We’re facilitating private sector innovation and catalysing new investment. We’re building an economy with more secure work and fairer wages.
“That’s what I mean by a future made in Australia.”
