Opinion

How to keep Future Made in Australia out of the pork barrel

Industry policies rightly have a bad name. The government needs to tighten the wording of its FMIA bill to prevent abuse.

Alison Reeve and Tony Wood

Aug 28, 2024 – 2.25pm

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Australia needs a 21st-century industry policy framework to realise our opportunities in a net zero world. It should be a co-operative partnership between government and industry that avoids valid concerns about traditional industry policy – such as rent-seeking and picking winners.

In this year’s budget, the government committed to establish a new “national interest framework”, to impose rigour on government decision-making on significant public investments. This framework is before parliament, as part of the Future Made in Australia (FMIA) bill.

Alison Reeve is the Climate Change and Energy Deputy Program Director at Grattan Institute.

Tony Wood is head of the energy program at the Grattan Institute.