Anthony Albanese reveals his big plan for Australia in 2024: Here’s what it means for you
Making more stuff on Australian soil and nurturing key trade relationships will be central to the Albanian government's 2024 economic agenda.
Boosting the country's manufacturing base will be a focus for the federal government in 2024.
Outlining his priorities for the coming year, Prime Minister Anthony Albanese said he wanted to “make more things here, and that's about Australian jobs.”
“We want a future made in Australia,” he told reporters in Sydney.
The net zero transition has opened up opportunities to boost local industries further down the supply chains, the Prime Minister said on Wednesday.
Some promising industries have already been singled out, including refining and processing of critical minerals, battery production, renewable hydrogen and ammonia and green metals.
Anthony Albanese says the net zero transition has opened up opportunities to boost key industries
The top four industries will be supported with more public investment and efforts to unlock more private capital, although a big-spending stimulus program like the US Inflation Reduction Act is unlikely based on the Treasurer's comments last year.
Rebuilding the country's manufacturing base has been a priority for the Albanian government since its election in 2022.
It has already installed a $15 billion reconstruction fund to boost investment in resources, agriculture, renewables, defense and three other priority areas.
Training has also been a focus, with free TAFE and other policies aimed at filling skills gaps in key areas.
While the Prime Minister is committed to strengthening domestic manufacturing capacity, he said global trade relations remain critical.
The plan is to continue to strengthen the country's position vis-à-vis the countries of Southeast Asia and the Pacific and remove trade barriers with China in 2024.
“We know that these barriers have led to a reduction in our trade of around $20 billion, and we have seen that step up and we will see further progress on that this year,” Mr Albanese said.
Relieving cost-of-living pressures will also be a focus for the Commonwealth this year.
The Ministry of Finance and the Ministry of Finance have been instructed to come up with a new set of proposals to ease the cost of living ahead of the May budget.