On its first day out, Labor's 'Made in Australia' plan is already old and tired.

Some quick thoughts following today's speech by the Prime Minister announcing that manufacturing and locally made is going to save the Australian economy. It's dim vision, low ambition.

1. It’s very unclear how a 'Made in Australia' approach will lead to policies that improve productivity and prosperity. As a relatively small country, we have to make the most of our competitive advantages. Traditional manufacturing is decidedly not it and there is a massive risk that we're not baking a bigger economic pie. We're risking slicing up what we've already got into smaller pieces.
2. Today's speech signals a bowing out of Australia in the global market. It signals that we are moving away from global strategic competitiveness. Apparently high costs don’t matter, whether it’s wages or capital or land, as long as it’s ‘made in Australia’… when locally manufactured goods are not competitive, is Labor suggesting increasing tariffs and dismantling our trade agreements?
3. Harking back to the Washington Consensus and throwing in terms like ‘the invisible hand’ demonstrate how the government is trying to score political points over development of substantial policy. (Yawn.) And/or it's another dog whistle for the Trots.

Where’s anything about commercialising research? Where’s anything about the opportunity for Australia to be a source of some of the world’s cheapest energy? Where's an acknowledgement that modern economies require advanced manufacturing and the use of fast-moving technological progress? What about the fact that services exports are double the value of goods other than energy, resources and agriculture? If we want to succeed globally, we must prioritise #brainsoverbrawn to make the most of our competitive advantages.

And some top line refutations for realism referencing quotes from Albanese's speech today ??

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What Labor says: “We cannot afford another decade where government is a drag on business investment and productivity instead of a driver of it.”

• AND YET: The Federal Labor Government is currently flagging that will make it harder for people to invest in start ups because of changes to the sophisticated investor test AND is simultaneously looking at reforms which will make it more difficult for start ups to land acquisition deals.

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What Labor says: “As a result of the changes we made, from 1 July every Queensland taxpayer will get a tax cut - not just some.”

• AND YET: The tax cuts are a shadow of what they were under the Liberals, and without addressing bracket creep, they reduce any medium- to long-term benefit of putting money back in the hands of people who actually invest it into productive enterprises.

What Labor says: “We know the high price of the last decade: low productivity growth, low business investment and a narrowing of our economic foundations.”

• AND YET: Labor's industrial relations changes have made it even harder business owners to put any profit towards investment in business development due to higher wages, less flexibility on gig workers and casuals, industrial bargaining etc.

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What Labor says: “Equally, we must recognise that the partners we seek are moving to the beat of a new economic reality. In their different ways, they are re-aligning their economies to better drive and distribute growth across their own populations, re-building the social licence for economic reform through better job security and stronger wages.”

• AND YET: Which partners are these? Japan? China? The US? India? I’m not sure how much of their economic discourse includes the term “social licence”. India and China are struggling to deal with a burgeoning middle class while billion dollar infrastructure investments collapse in China and high inflation persists in India, Japan is worried about an aging population and wants to strengthen trade ties for defence security and to increase economic growth. The US is relying on its massive advantage as the largest economy in the world. It is faintly ridiculous to try to emulate their approach to growth. They have economic and social problems that we are (thankfully) yet to witness in Australia. There are definitely economic management lessons to be learned from these countries, but trying to suggest that Australia is getting on board with some sort of global shift to economic virtue signalling is a pretty big stretch.

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What Labor says: “But this is not an auction - it's a competition. And Australian can absolutely compete for international investment when it comes to our capacity to produce outcomes, the quality of our policies and the power of our incentives.”

• AND YET: How are we actually competing and what does “capacity to produce outcomes” mean? The outcome that investors are looking for is profit, which is how lasting impact is achieved.

Seems to me that Labor is prioritising union-related industries rather than looking at economic realities and building a pathway for an exciting future paved with ground-breaking research, innovative business and Australia's competitive advantages in R&D, specialised advanced manufacturing, quantum tech, bio-tech, med-tech, as a source of raw, clean energy, agriculture and ag-tech, offering an unrivalled lifestyle and an advanced, stable banking/financial system.

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