Budget reaction – ‘a start’ preparing for the future

Emeritus Professor Roy Green of UTS Sydney said the budget responded to a critical moment in Australia’s economic history.

Green said: The world is shifting from fossil fuels to renewable sources of energy to meet net zero targets.

“And it is recognising the importance of participating in the industries of the future by moving up the resources and manufacturing value chain.

“While Australia has been slow to catch up, this federal budget will now set the pace for change with a carefully calibrated approach to economic diversification and energy transition.”

Green said some critics, notably those who previously put the brakes on, will say it goes too far, and others will say it doesn’t go far enough.

Green said: “But the National Interest Framework established by the Future Made in Australia Act will provide a coordinating focus for industrial policy, in consultation with key stakeholders.

‘This framework, combined with a strategic examination of the research and innovation system, gives us the chance to address productivity and real wage stagnation together with the challenge of climate change.

“It may not be enough but it’s a promising start.”

Signalling opposition to the government’s Future Made in Australia strategy, opposition treasury spokesman Angus Taylor said: “Handing out billions to billionaires through production tax credits. You know, frankly, this is not a good use of taxpayers money.

“This is not how you get manufacturing and resources sectors really firing. We know that from history.”

Further reading:
Budget has $22.7 billion for a Future Made in Australia over 10 years
Towards 3% R&D – budget responds to slump in Australian innovation effort
Budget’s new manufacturing measures focus on “cleaner, greener future”

Picture: Professor Roy Green