Industry to face ‘strict tests’ for public funding to incentivise green energy, Jim Chalmers says

Tax breaks and subsidies may be offered to industry as part of the government’s yet-to-be-detailed Future Made in Australia plan – but Jim Chalmers says there will be “strict tests” on public funding for the green energy strategy.

The treasurer says there must be “generational change” in Australia to match similar major green economy programs being undertaken by other nations including the US.

“We’re looking for where we can make our businesses more competitive, build the capacity of our people and our regions,” Chalmers told the ABC’s Insiders program on Sunday.

Albanese promised direct government support to speed up the energy transition and stem the flow of money and ideas to countries offering investment incentives.

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“The heavy lifting will still be overwhelmingly done by the private sector but there’s an important role to play by governments and by public investment as well,” he said.