Labor Government Invests $750 Million in Metals Innovation Soon After US Tariffs

Albanese called the US tariffs more ideological than practical.

Australian Prime Minister Anthony Albanese speaks to the media during a press conference at Parliament House in Canberra, Australia, Feb. 11, 2025. AAP Image/Lukas Coch

Two days after the United States imposed a 25 percent tariff on Australian steel and aluminium, the Albanese Labor government has announced a $750 million investment to accelerate the development of metals manufacturing.

The new funding is part of the $1.7 billion Future Made in Australia Innovation Fund, outlined in the 2024/25 Budget.