Future Made in Australia is fundamentally flawed and should not be pursued in its current form The Guarantee of Origin Bill will impose more regulations on businesses already

This is made clear in the explanatory memorandum of the Future Made in Australia (Guarantee of Origin) Bill 2024: The GO scheme supports key initiatives in the Future Made in Australia Plan. [...] The IPA has been clear in our previous analysis of the FMIA policy framework that it will not, in its current form, develop a sustainable manufacturing industry in Australia.4 Whilst the promotion of domestic Australian manufacturing is critical, support must be based on two clear criteria: that the industries targeted are economically viable and competitive, and it must be in promotion of the nat. [...] With the broader framework unable to promote a sustainable brand of Australian manufacturing, it is of no benefit to the Australian public to have a debate on the finer details of the FMIA policy framework. [...] When announcing the Future Made in Australia policy at the Queensland Media Club in April 2024, Prime Minister Anthony Albanese referred to the Inflation Reduction Act (USA) (“the IRA”) as an equivalent policy to model the FMIA policy framework on.5 The IPA’s analysis of the the IRA and the FMIA policy framework found that for every job created by FMIA, 8.4 jobs are at risk of either being lost or. [...] Australia has over the last five years ranked first in the world in terms-of- trade, namely the ratio between the prices of exports and the prices of imports.