Boston, Massachusetts | Industry and Science Minister Ed Husic has defended Treasurer Jim Chalmers’ new “values-based” capitalism, saying governments often successfully direct tax revenue into strategic sectors and businesses without the same heavy hand as, for example, China.

“Australia has maintained a phenomenal dedication to a purism around picking winners that other countries shed many years ago, and have seen the benefits for them accrue as opposed to us,” Mr Husic told The Australian Financial Review in Boston.