- Asian markets begin week on front foot, bitcoin rally stutters
- IOC chief hopeful Sebastian Coe: 'We run risk of losing women's sport'
- K-pop fans take aim at CD, merchandise waste
- Notre Dame inspired Americans' love and help after fire
- Court hearing as parent-killing Menendez brothers bid for freedom
- Closing arguments coming in US-Google antitrust trial on ad tech
- Galaxy hit Minnesota for six, Orlando end Atlanta run
- Left-wing candidate Orsi wins Uruguay presidential election
- High stakes as Bayern host PSG amid European wobbles
- Australia's most decorated Olympian McKeon retires from swimming
- Far-right candidate surprises in Romania elections, setting up run-off with PM
- Left-wing candidate Orsi projected to win Uruguay election
- UAE arrests three after Israeli rabbi killed
- Five days after Bruins firing, Montgomery named NHL Blues coach
- Orlando beat Atlanta in MLS playoffs to set up Red Bulls clash
- American McNealy takes first PGA title with closing birdie
- Sampaoli beaten on Rennes debut as angry fans disrupt Nantes loss
- Chiefs edge Panthers, Lions rip Colts as Dallas stuns Washington
- Uruguayans vote in tight race for president
- Thailand's Jeeno wins LPGA Tour Championship
- 'Crucial week': make-or-break plastic pollution treaty talks begin
- Israel, Hezbollah in heavy exchanges of fire despite EU ceasefire call
- Amorim predicts Man Utd pain as he faces up to huge task
- Basel backs splashing the cash to host Eurovision
- Petrol industry embraces plastics while navigating energy shift
- Italy Davis Cup winner Sinner 'heartbroken' over doping accusations
- Romania PM fends off far-right challenge in presidential first round
- Japan coach Jones abused by 'some clown' on Twickenham return
- Springbok Du Toit named World Player of the Year for second time
- Iran says will hold nuclear talks with France, Germany, UK on Friday
- Mbappe on target as Real Madrid cruise to Leganes win
- Sampaoli beaten on Rennes debut as fans disrupt Nantes loss
- Israel records 250 launches from Lebanon as Hezbollah targets Tel Aviv, south
- Australia coach Schmidt still positive about Lions after Scotland loss
- Man Utd 'confused' and 'afraid' as Ipswich hold Amorim to debut draw
- Sinner completes year to remember as Italy retain Davis Cup
- Climate finance's 'new era' shows new political realities
- Lukaku keeps Napoli top of Serie A with Roma winner
- Man Utd held by Ipswich in Amorim's first match in charge
- 'Gladiator II', 'Wicked' battle for N. American box office honors
- England thrash Japan 59-14 to snap five-match losing streak
- S.Africa's Breyten Breytenbach, writer and anti-apartheid activist
- Concern as climate talks stalls on fossil fuels pledge
- Breyten Breytenbach, writer who challenged apartheid, dies at 85
- Tuipulotu try helps Scotland end Australia's bid for Grand Slam
- Truce called after 82 killed in Pakistan sectarian clashes
- Salah wants Liverpool to pile on misery for Man City after sinking Saints
- Berrettini takes Italy to brink of Davis Cup defence
- Lille condemn Sampaoli to defeat on Rennes debut
- Basel backs splashing the bucks to host Eurovision
Australia PM unveils plan to overhaul economy, invest in green energy
Mining superpower Australia will on Thursday announce a US-style scheme to pour public money into manufacturing and clean energy industries, joining the global race to build a cleaner and more resilient economy.
Prime Minister Anthony Albanese will unveil the "Future Made in Australia Act" to help compete with global partners who are providing massive subsidies to new industries, according to an advance copy of his speech.
The act, to be passed this year, would mark a departure from Australia's decades-old free market policies on trade and investment.
"We need to be willing to break with old orthodoxies and pull new levers to advance the national interest," the centre-left Labor Party prime minister will say.
Though no figures are given, the taxpayer-funded incentive scheme aims to compete with other nations' efforts, such as US President Joe Biden's massive investments through the US Inflation Reduction Act.
Other trading partners, including China, the European Union, Canada and Japan have also invested in their industrial base and manufacturing capabilities.
"Australia can't afford to sit on the sidelines. Being in the race does not guarantee our success – but sitting it out guarantees failure," Albanese will say, according to the advance copy of his speech.
Albanese will describe the climatic and economic changes underway as "every bit as significant as the industrial revolution or the information revolution – and more rapid and wide-ranging than both".
"We have to think differently about what government can -- and must -- do to work alongside the private sector to grow the economy, boost productivity, improve competition and secure our future prosperity."
Albanese will deliver the speech in the northeast state of Queensland, a key electoral battleground and the heartland of the country's gas and coal industries.
- 'Sharper elbows' -
Australia could not match the United States' investment dollar for dollar, he will say, but the country would be able to compete for international investment.
A world-leading exporter of minerals such as iron ore and coal, resource-rich Australia will not just play to its "traditional strengths", he said, but also offer new products and services to new markets.
"We need this change in thinking and approach because the global economic circumstances are changing in ways far more profound than the consequences of the pandemic or conflict alone," Albanese will say.
"We need sharper elbows when it comes to marking out our national interest."
The act would boost investment in Australia's renewable energy resources, including battery production, like green hydrogen, green metals, create more jobs and ensure a competitive economy, he will say.
Tim Buckley, director of independent public interest think tank Climate Energy Finance, said the act would lay the foundations to make Australia a zero-emissions trade and investment leader and global clean energy "superpower".
About 27 percent of the Australian economic output came from exports to international partners and this new act would have flow-on effects and help them decarbonise as well, Buckley told AFP.
"State intervention is the new competition. We can't afford to 'sit it out'. The Future Made In Australia Act puts Australia into the global race. It is the investment signal and de-risking private capital needs," he said.
But he said greater details were needed to ensure that local, state and federal governments worked together on ensuring the act was rolled out smoothly.
J.Bergmann--BTB