Federation Chamber on Wednesday 3rd June 2026

Check against delivery

The Albanese government is killing Australian manufacturing and industry with its radical net zero policies. Under Labor, we are witnessing in real time the destruction of the Australian industrial base. The government's Future Made in Australia is nothing but a cover for Labor's push to net zero, which is a taxpayer funded subsidy scheme with no guarantee of success. We're guaranteed failure, though, and time and again the Australian people are being asked to bankroll the bailout of our heavy industry, with no timeline on when the government's support will end. This budget is no different. Labor's budget commits a further $222.6 million to the Whyalla steelworks despite the government having no buyer. What is Labor's strategy when it comes to Whyalla, and how much more taxpayer support can we expect? Does Labor have a plan in place should it fail to find a buyer?

Meanwhile, despite announcing its bailout last December, there is still no money in the budget for the Tomago aluminium smelter in the New South Wales Hunter region. Yesterday at estimates the Minister for Industry and Innovation conceded that not only is there no money in the budget for Tomago but the budget has not finalised a package or a timeline for when funding will be delivered. It has been six months since the minister stood up at Tomago, yet he still hasn't come good on his commitment. Under Labor, there is no transparency and no plan. Instead we see bailout after bailout—Tomago, Boyne, Glencore.

The truth is that Labor's net zero madness is driving electricity prices through the roof. We've seen electricity prices increase by up to 40 per cent over the last four years. The government's policy settings are making it difficult for heavy industry to remain viable in Australia. Despite this, Labor continues with its green ideology by importing solar panels and wind turbines from China while our smelters struggle. This isn't a future made in Australia; it's a future made overseas—courtesy of largely Chinese manufacturing. Meanwhile, Labor is pouring $775 million into their Green Iron Investment Fund over the forwards, which is a massive commitment with no proven commercial outcome. The Albanese government is asking the Australian people to take on a $775 million experiment and wear all the risk. What evidence does the government have that the Green Iron Investment Fund will deliver a return?

Instead of focusing on delivering cheap, reliable baseload power to Australian industry, Labor are pushing ahead with net zero by 2050 at any cost. They should pick up that recent essay by former British prime minister Tony Blair as I think they would find some good advice and counsel in that. Again, the government are pursuing their net zero agenda under the guise of the Future Made in Australia.

At the same time as writing millions of dollars worth of cheques to questionable projects, Labor is taking money out of industry and innovation programs. This budget has no money for the Boosting Female Founders Initiative, the Buy Australian campaign, the Entrepreneurs Program, the Innovation Investment Committee, Australian Critical Minerals R&D Hub, the Critical Minerals Development Program and the Global Mining Challenge program. The list goes on. Labor has ripped more than $8 million from the Industry Growth Program. All of these initiatives—which encourage a prosperous, competitive, secure Australian industrial sector—have been cancelled or cut by the Albanese government. This is the true cost of Labor's industry agenda.

This government is making Australia a less attractive place to do business. Despite promising not to make any changes to the capital gains tax before the election, this sneaky Labor government has imposed its toxic taxes on the Australian people and industry. Under the Albanese government, investments in startups and incentives for Aussie entrepreneurs to grow their business have become less attractive. Labor is increasing taxes on investment at the very time Australian industry needs more capital. If Labor wants more Australian industry, why is it making investment in Australian businesses less attractive? While businesses are struggling, the truth is the Albanese government continues to fund its net zero obsession.

The workforce at the Net Zero Economy Authority, the government's very own statutory body for managing the transition to net zero, has grown from one employee to 158. How many of these roles focus on supporting communities affected by Labor's aggressive push to net zero at any cost and how many are policy positions?

Australian manufacturers need affordable and reliable energy and not more bureaucracy and government intervention. A strong industrial base starts with affordable, reliable energy. That's why the coalition is going to get out of net zero. We're going to put on more coal, more gas; we're going to get a nuclear industry going with the support of the private sector. But the reality is that Australia's net zero is making Australian industry less competitive at a time when our nation needs to be more competitive in a dangerous, insecure and uncertain world. It's enough. Start putting Australian first.