The government is planning a “think big” multibillion-dollar initiative to try to compete with the US Inflation Reduction Act and similar schemes.
Already a subscriber?The Albanese government is planning a “think big” multibillion-dollar initiative to try to compete with the United States’ $624 billion Inflation Reduction Act and similar schemes elsewhere, in a bid to drive the domestic development of clean energy technology.
“We don’t have to go dollar-for-dollar in our spending, but we can go toe-to-toe on the quality and impact of our policies. In all of this, we must be prepared to think big.” He has argued previously that Australia should join forces with the likes of Japan and Germany to help counter the pull of the IRA.
The government has also bolstered the Hydrogen Headstart program inherited from the previous government and hypothecated $500 million from the Northern Australia Infrastructure Facility, another Coalition initiative, towards the development of critical minerals.
“This is the time when we have to get right, the moment that matters,” he will say. “Yes, there are big challenges this is the biggest and best chance our country will get, to harness the power of global economic change – and put it to work for our people.
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