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.