Experts have urged the Albanese government to not mimic the United States’ $600 billion “protectionist” Inflation Reduction Act and instead focus on industry support that will allow Australia to produce energy intensive clean exports like green steel.
While the US is incentivising domestic manufacturers and energy production with generous subsidies, it is not a realistic or desirable approach for Australia, former competition watchdog Rod Sims said on Wednesday.
“It will do America and the world a lot of good [in reducing emissions], but it’s not a model for Australia, because it is blowing the budget to do it. We can’t [do that],” Mr Sims told a Universities Australia event in Canberra.
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