Australian government announces war-related economic policy
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Australian Labor Prime Minister Anthony Albanese has announced a nationalist and protectionist economic program called the "Future Made in Australia Act" to subsidize investment in strategic, war-related industries. The program aims to restructure the economy in preparation for war and includes subsidies, tax breaks, loans, profit guarantees, and direct handouts to develop manufacturing facilities in designated strategic industries. Albanese cited a fundamental shift in the way nations are structuring their economies and the need to match other countries, such as the US, in providing massive investment incentives for critical industries. The government has already provided billion-dollar corporate handouts for lithium mining, hydrogen power facilities, and the manufacture of batteries and solar energy panels. The program is criticized by some sections of the corporate elite who demand tax cuts, the slashing of business regulations, and industrial relations changes. The Australian Council of Trade Unions (ACTU) supports the program, hailing it as a historic step forward for workers. The alignment of union leaders behind war policies is happening internationally. Workers and young people are called to build new organizations of struggle, rank-and-file committees, to fight against the capitalist profit system and the source of war.

#AustralianGovernment #EconomicPolicy #War #Investment #StrategicIndustries #Subsidies #TaxBreaks #Manufacturing #CorporateHandouts #Labor #Unions #Criticism #Actu #InternationalAlignment #Capitalism #WarPreparation

https://www.wsws.org/en/articles/2024/04/15/fzed-a15.html