Albo’s “fools errand” manufacturing subsidies shock economists

The inaugural chair of the Productivity Commission, Gary Banks, has joined the pile-on against the Albanese government’s “Future Made” subsidies for low-emissions manufacturing.

In a speech to the Centre for Independent Studies (CIS), Banks described the subsidies as a “fool’s errand” that would embed waste and lower the nation’s productivity:

“Seeking to obtain benefits to society through subsidies for particular firms or industries, including in the form of tax concessions, has proven a fool’s errand, particularly where the competitive fundamentals are lacking”, Banks said.