$1b pledge to voters
BUSINESSES would be given a financial boost to upgrade their equipment under an ambitious $1 billion cash splash from Labor aimed at making Australia a global leader in advanced manufacturing.
Opposition Leader Anthony Albanese will unveil plans to establish an advanced manufacturing fund, declaring he wants to help Australia stand on its “own two feet”.
The $1 billion plan, which would fall under Labor’s proposed $15 billion National Reconstruction Fund, would give businesses access to capital to diversify their operations and boost their research and development.
The fund would aim to improve innovation across a range of industries, including transport, agriculture, food processing, medical science, renewable technologies, and resources.
Mr Albanese said the move was about Australia’s sovereign capability.
“I want to be the Prime Minister who helps Australia stand on our own two feet again,” the Labor leader said.
“Serious countries can stand on their own two feet when it comes to manufacturing essentials.”
Labor is vowing to consult with businesses, unions, state governments, local governments, and regional development authorities to target projects that generate advanced manufacturing jobs and support innovation.
According to the Global Innovation Index 2021, Australian ranked 15th in the world for innovation puts, and 33rd for outputs.
Opposition industry and innovation spokesman Ed Husic accused the Coalition government of overseeing a “run down” in manufacturing capabilities.
“Labor wants to back the local know-how that is keen to not just rebuild manufacturing but use our smarts and technology to put our advanced manufacturing potential at the front of the global pack,” Mr Husic said.
“The Coalition has run down manufacturing capability in this country and jobs have been lost as a result.”
Labor claims the Coalition “goaded” the car industry to leave Australia, which resulted in the loss of about 11,350 jobs at Holden, Toyota and Ford and another 50,000 people employed in other areas of the supply chain.