At The Australian:
A cabinet-level taskforce will offer financial incentives including possible tax lures for foreign-based advanced manufacturers and high-value businesses of more than $250m to relocate to Australia as part of the budget’s economic recovery blueprint.
The Australian can reveal that the Morrison government will target mining and technology, food and agri-tech, aquaculture, medtech, biotech and pharmaceuticals as part of its yet-to-be-released manufacturing package designed to shape Australia’s post-pandemic jobs and industry agenda.
…State and territory governments will also form part of the taskforce structure, which will target “high talent” individuals and entrepreneurs through “strike teams”, with the US, Britain, Singapore and Hong Kong already identified as key markets.
Let us recall late 2013:
…in the crucial weeks of late 2013 when Australia’s auto manufacturing industry was on the line. Dig down deep and it comes to one question – was GM Holden genuinely encouraged to stay?
Holden was the key. Toyota wanted to stay. The company had a viable export market to the Middle East, a robust business plan and most importantly, pride on the line.
September 2013 and the Coalition is elected with a commanding majority and the new Abbott government it is in a hurry…On October 2 that business case is again given to the government, specifically new Industry Minister Ian MacFarlane in the boardroom at Holden in Adelaide.
One of those present at that meeting, South Australian Premier Jay Weatherill, says Holden wanted government assistance to continue.
…”It didn’t need to fall off the edge of a cliff in the way in which it will and then having to rebuild something from the ashes.”
‘Twas a lousy $500m subsidy in question. The Coalition said it was “picking winners” and booted the sector into the sea. It helped slam our manufacturing output to GDP to Banana Republic status:
Now 2013 has called and asked the Coalition for its car industry back. It’s picking winners again. And the chosen sectors are no more or less competitive than cars ever were or they would already be here.
This just looks like another excuse for the alternative economic model that developed after cars left: more immigration to backfill collapsing productive capacity that drives inexorable downward pressure on wages, crush-loaded living standards and sovereign weakness when you can no longer defend yourself (see China trade bullying today).
I hope it’s not, of course. Much more of this kind of industry policy will be needed in the years ahead.
It is MB’s curse to be Cassandra as the scum that wrecks our country refuse to listen.
