The Albanese government will unveil further industrial policy measures within months in response to America’s large-scale subsidies for strategic industries, Assistant Minister for Manufacturing Tim Ayres said on Tuesday.
Senator Ayres described the US Inflation Reduction Act (IRA) as the “largest economic policy development since the second World War”, and one that will disrupt investment patterns around the world.
Through the US legislation passed last year, companies working in strategically important areas like clean energy and manufacturing will have access to large financial incentives – together worth an estimated US$1.2 trillion by 2032.
Want to know how this story ends?
Become a subscriber for complete access to all stories on InnovationAus.com and our daily newsletter.
Do you know more? Contact James Riley via Email.