Jim Chalmers has a key assurance for Australian taxpayers about a wave of new spending to be revealed in the federal budget in two weeks.

The treasurer wants to unleash huge amounts of public investment in new industries to cement the “made in Australia” plan that is now central to Labor’s economic agenda.

Treasurer Jim Chalmers’ speech at the Lowy Institute provides the missing link in the Made In Australia plan Credit: Bloomberg

He is also vowing to open the floodgates to private investment in sectors such as critical minerals, renewable energy and advanced technology.

That is why his message about foreign investment is a necessary part of the plan for new industries.

Chalmers fills in the missing link in the federal plan. Put simply, it is untenable for Australia to build up new parts of the economy, creating companies and jobs, unless the public money acts as an incentive for private capital.

Chalmers says the Future Made in Australia policy is not about endless spending with public money.

“Nobody is claiming we have the scale to compete in every industry,” he says in a major speech on Wednesday at the Lowy Institute.

“Nobody is saying that these interventions will be permanent, or that we should retreat from trade, or make every one of the goods that we need here.

QOSHE - Chalmers must balance big talk on new spending with vow to rein in inflation - David Crowe
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Chalmers must balance big talk on new spending with vow to rein in inflation

18 10
01.05.2024

Jim Chalmers has a key assurance for Australian taxpayers about a wave of new spending to be revealed in the federal budget in two weeks.

The treasurer wants to unleash huge amounts of public investment in new industries to cement the “made in Australia” plan that is now central to Labor’s economic........

© The Sydney Morning Herald


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