Industry reacts to Future Made in Australia Act

The Australian landscape has reacted to the federal government’s plan to introduce the Future Made in Australia Act, said to lift investment and create jobs.

Prime minister Anthony Albanese announced the Act last Thursday aimed at generating economic success for the country.   

“We will bring together in a comprehensive and coordinated way a whole package of new and existing initiatives,” Albanese said.

“To boost investment, create jobs and seize the opportunities of a future made in Australia.

“We want to look at every measure that will make a positive difference.

“Investing in new industries – and ensuring that workers and communities will share in the dividend. 

“That means giving the new Net Zero Economy Authority every tool it needs to support resource communities in particular through the coming period of economic change,” Albanese said.

Australian Academy of Technological Sciences and Engineering (ATSE) welcomed the news however, noted the plan should be built on Australian research and development, as it claims this has reached a 30-year low.

ATSE CEO Kylie Walker said, “The prime minister has said the world won’t wait for us. He’s right.

“We need an immediate and sustained increase in R&D funding to make sure Australia doesn’t get left behind.”

“Australian research and innovation will be the driving force behind our future prosperity. Australia cannot afford to neglect R&D any longer,” said Walker.

Australia’s peak body for scientists, technologists, engineers and mathematicians also welcomed the news as it believes there is an urgent need for Australia to position itself as a solid leader in this space.  

STA’s President Professor Sharath Sriram said, “This announcement from the government recognises the urgency – and strategic imperative – to secure economic benefit from the opportunities arising from the energy transformation.”

“This is critical for Australia to transform our expertise into products, build our sovereign capability, and secure our future prosperity,” said Sriram.  

“To build the economic complexity our nation needs to remain prosperous while transitioning to a net zero future, we will have to make significant, strategic investments in R&D and innovation. 

“We will have to make STEM careers more attractive to secure the future workforce and leverage their talents,” Sriram added.  

The Australian Academy of Science welcomed the news of his government’s intention to legislate a Future Made in Australia Act. 

President of the Australian Academy of Science Professor Chennupati Jagadish said, “A future made in Australia is heavily dependent on the breadth and depth of Australian science.” 

“There is a fundamental link between science and economic development, but this cannot be realised with a science system that is not fit for purpose and relies on decades-old settings,” Jagadish said.  

Jagadish said the country can’t “have a successful industrial policy without a productive, innovative and sustainable science system.”

“We need a strategic roadmap and a decade of commitment to boost government investment in R&D and stimulate expenditure by other sectors, which is critical for Australian productivity and industrial capability,” Jagadish concluded.  

Meanwhile, Sam Ringwaldt, CEO of Conry Tech said, “It’s great that Albanese is talking about Australian manufacturing, but we need to start putting these words into action.

“The Australian government needs to invest in our future manufacturing today, not someday.” 

Ringwaldt added Australian manufacturing report shows that Australian manufacturing has been in “terminal decline for decades.”

“We want Australian manufacturing to thrive, but every year we delay substantial action and investment, we see more factories close, more companies leave, and more imported goods. Soon there will be nothing left to save,” Ringwaldt said.