Opinion

This is a bold opportunity to refocus Australia’s economy

The Future Made in Australia Act is not picking winners. It is about reshaping whole sectors around a mission of managing climate change.

Mariana MazzucatoEconomist

May 13, 2024 – 1.08pm

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Last month, Prime Minister Anthony Albanese announced Australia’s response to the US Inflation Reduction Act – the Future Made in Australia Act.

The act has the potential to rejuvenate Australia’s lagging manufacturing sector and position the nation as a leader in renewable energy and green technology. Its focus on reaching the goal of net zero carbon emissions, and on ensuring its benefits are widely felt, is a positive signal of ambition.

Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London and Author of Mission Economy: A Moonshot Guide to Changing Capitalism.