Albanese Proposes Return to Industry Intervention

📆 4/12/2024 4:04 AM
📰 FinancialReview

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Albanese,Industry Intervention,Trade Protection

Albanese is proposing a return to industry intervention policies, going against the evidence that trade protection and subsidies make societies poorer. This move is seen as embracing spending and regulation, which is already causing struggles for businesses.

Albanese is proposing a return to the industry intervention that economic optimists thought substantially ended in 2017, when car-manufacturing subsidies for Ford, Toyota and General Motors were finally killed off.Predictions of devastating joblessness never eventuated. Within a few years employment was full. The cultural consequences were negligible. Drivers don’t care that Ford utes are made in Thailand.

Spending decisions by the Albanese government have cost $35 billion, according to a calculation by Chris Richardson. Tax rises imposed by government policy changes are up about $28 billion.

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