Anthony Albanese reveals his big plan for Australia in 2024: Here's what it means for you

Making more stuff on Australian soil, as well as nurturing key trade relationships will be central to the Albanese government’s economic agenda for 2024.

Turbocharging the nation’s manufacturing base will be a focal point for the federal government in 2024.

Outlining his priorities for the year ahead, Prime Minister Anthony Albanese said he wanted ‘to make more things here, which is about Australian jobs here’.

‘We want a future made in Australia,’ he told reporters in Sydney.

The net zero transition has opened opportunities to ignite local industries further up supply chains, the prime minister said on Wednesday.

Some promising industries have already been singled out, including refining and processing critical minerals, battery manufacturing, renewable hydrogen and ammonia and green metals.

Anthony Albanese says the net zero transition has opened opportunities to ignite key industries

The four key industries will be supported with more public investment and efforts to unlock more private capital, although a big-spending incentive scheme like the US Inflation Reduction Act is unlikely based on remarks by the treasurer last year.

Rebuilding the nation’s manufacturing base has been a priority for the Albanese government since it was elected in 2022.

It has already installed a $15 billion reconstruction fund to drive investment in resources, agriculture, renewables, defence and three other priority areas.

Training has also been a focus, with fee-free TAFE and other policies aimed at filling skills gaps in key areas.

While the prime minister is committed to strengthening domestic manufacturing capability, he said global trade relationships remained critical.

In 2024, the plan is to keep strengthening the nation’s position with southeast Asian and Pacific nations, as well as removing trade impediments with China.

‘We know those impediments led to some $20 billion reduction in our trade, and we’ve seen that step up and we’ll see further advances in that this year,’ Mr Albanese said.

Easing cost of living pressures will also be a focus for the Commonwealth this year.

Treasury and the Department of Finance have been tasked with coming up with a fresh set of cost-of-living relief propositions ahead of the May budget.