Looking at the federal budget, you might think the Albanese government has come up with a unique approach to managing the economy: made in Australia initiatives, subsidies for green industries and substantial increases in entitlements.

But this new economic paradigm, which has cast side the successful liberal economic model of the past three decades, is not made in Australia. It is made in China and America. All the Albanese government is doing is copying a combination of the Joe Biden and Xi Jinping administrations’ economic paradigm.