Australia will launch subsidies and incentives modelled on similar efforts in the United States and Europe to help the giant commodity exporter bolster domestic manufacturing and promote industries it sees as vital to national security.
The "Future Made in Australia Act" will be unveiled by Prime Minister Anthony Albanese at a speech in Queensland state on Thursday.
"Our Government will be proactive when it comes to backing Australia's comparative advantages and delivering on our national interests," Albanese will say.
"Only Government has the resources to do that, only Government can draw together the threads from across the economy and around our nation."
In the race to roll out clean energy and compete with China in manufacturing electric vehicles and semiconductors, seen as vital for economic prosperity and national security, governments in rich nations are spending billions on subsidies.
Persons:
Darrian Traynor, Stringer, Anthony Albanese, Albanese
Organizations:
Getty
Locations:
Australia, United States, Europe, Queensland, China