The Albanese government is planning a “think big” multibillion-dollar initiative to try to compete with the United States’ $624 billion Inflation Reduction Act and similar schemes elsewhere, in a bid to drive the domestic development of clean energy technology.

In a speech to be delivered in Newcastle on Friday evening, Prime Minister Anthony Albanese will argue that if Australia is to become a renewable energy superpower, “the government has to be a partner in this, not just an observer”.