Anthony Albanese’s Future Made in Australia Act is a ‘bad idea’ [Video]

The Motley Fool Chief Investment Officer Scott Phillips says there is a role for government to be a “seed capital player” in some new industries.

Prime Minister Anthony Albanese will unveil a policy similar to the US Inflation Reduction Act, which will see increased government intervention in the economy.

It will detail new and existing projects to drive investment.

It will see a renewed focus on investing in clean energy and set out to build a new sovereign industrial base in the nation.

Mr Phillips told Sky News Australia that the government’s Future Made in Australia Act is a “bad idea” unless the money is being “cleverly invested”.