Australia to Mimic Biden’s Inflation Reduction Act

The Australian Labor government will mimic moves by fellow democracies to intervene directly in their economies to create “sovereign” green energy supply chains and local manufacturing. Prime Minister Anthony Albanese is set to unveil the Future Made in Australia Act, which will include taxpayer-backed incentives to subsidise advanced manufacturing and clean energy industries in the country. “We need to be clear-eyed about the economic realities of this decade, recognising that the game has changed—and the role of government needs to evolve. Government needs to be more strategic, more sophisticated, and a more constructive contributor,” he will say at the Queensland Media Club in Brisbane on April 11....