‘Indispensable’: Treasurer’s bold move

Amid a backlash from economists and industry experts, Treasurer Jim Chalmers will unveil guardrails for the Albanese government’s industry policy overhaul.

“Where markets are nascent or don’t yet exist, there can be a case for targeted, temporary support to crowd in private investment – especially in industries that meet strict criteria,” Dr Chalmers will say in an address to foreign affairs think tank The Lowy Institute. How a specific proposal can “build the capabilities” of people and the regions, bolsters the private sector and delivers “value for money” will also be accounted for.

U.S. President Joe Biden signature industry policy, the Inflation Reduction Act, has subsidised US enterprise via tax breaks, loans and grants. Picture: AFP / Scott Olson Treasury officials will also provided with greater resources to conduct on-site visits, ensuring with compliance with government requirements.

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