Industrial policy won't bring about a 'Future Made in Australia'

Structural reform to reduce costs and improve worker skills would be better bet

Satyajit Das

April 23, 2024 05:00 JST

Australian Prime Minister Anthony Albanese tours a factory in Brisbane on April 2: Manufacturing's share of the country's GDP has been declining. (AAP Image)

Satyajit Das, a former banker, is the author of "A Banquet of Consequences: Reloaded" and "Fortune's Fool: Australia's Choices."

Not to be left out as the U.S. and other developed nations adopt interventionist industrial policies to support strategic industries, Australian Prime Minister Anthony Albanese sketched out plans two weeks ago for what he called the Future Made in Australia Act.