Next week’s federal budget will contain tax breaks for business to turbocharge the government’s Future Made in Australia Act, Jim Chalmers has confirmed, as the government continues to insist the policy is about facilitating private investment, not supplanting it.

As Prime Minister Anthony Albanese spruiked the act to a business breakfast in Perth, Dr Chalmers said the business tax breaks, which are expected to be in the form of an investment allowance, would qualify as a reform.