‘Economic sovereignty’: PM calls on industry to back economic goals

Prime Minister Anthony Albanese is attempting to woo decision makers for some of Australia’s biggest employers ahead of the federal election.

Anthony Albanese will use a speech to the Australian Industry Group to call on some of the country’s biggest employers to work with his government toward shared economic goals.

Parts of the Albanese government’s legislative agenda – particularly its industrial relations policies – have rubbed some business decision makers up the wrong way.

But the Prime Minister will on Monday say he welcomes “constructive engagement”, and that “even if we sometimes bring different perspectives to the public debate, we all share the same objective, founded on the same understanding”, according to excerpts of his speech seen by NewsWire.

Prime Minister Anthony Albanese will tell some of Australia’s biggest employers he welcomes ‘different perspectives’. Picture: NewsWire / Martin Ollman

“We know that building Australia’s future depends on building a stronger, more competitive, more resilient and more productive economy,” he will say.

“An economy that creates wealth and opportunity, one that encourages innovation, attracts investment, and rewards hard work.

“That’s our government’s vision, but it can’t be realised by government alone.

“We recognise that just, as good jobs and fair wages depend on successful businesses, national prosperity depends on the engine room of private enterprise and the growth that private capital drives.”

The speech will coincide with Labor’s proposed production tax credits getting up in the Senate.

Mr Albanese will spruik the tax credits nestled inside Future Made in Australia legislation, which would primarily give tax breaks to critical minerals producers and firms that add value to the nation.

Critical minerals are key to the global renewables transition and all modern electronic devices, including phones.

“Our Future Made in Australia plan is about Australian workers and Australian companies making things here,” Mr Albanese will say.

“Production tax credits to incentivise value-adding in clean energy and critical minerals.”

The tax credits have garnered significant industry and political support in Western Australia, where the benefits would be most felt.

Opposition Leader Peter Dutton has called Labor’s production tax credits ‘welfare for billionaires’. Picture: NewsWire / Martin Ollman

Western Australia’s state Liberal and Nationals leaders have backed the proposal, in stark contrast with federal Opposition Leader Peter Dutton.

He has dismissed the tax credits as “welfare for billionaires”.

Mr Albanese will also attempt to woo industry leaders with his government’s vision for “economic sovereignty” to safeguard Australia from future geoeconomic threats.

“This is a plan for economic sovereignty, as well as economic resilience,” Mr Albanese will say.

“Making sure that the next big disruption to the global supply chain – whatever form it takes – doesn’t leave Australia stranded.

“But this is also about securing the next generation of economic growth.”

It is unclear when Mr Albanese will call the federal election, but the deadline for doing so is May 17.