By Savannah Meacham and Andrew Brown in Canberra

The future of Australia’s economic security relies upon fostering manufacturing at home and boosting control over the nation’s resources and critical minerals, according to the prime minister.

Anthony Albanese will unveil plans for a Future Made in Australia Act, proposing taxpayer-funded incentives to advance the manufacturing and clean energy industries, when he addresses Queensland’s Media Club on Thursday.

Likening the initiative to the Inflation Reduction Act in the United States and similar programs in other countries, Mr Albanese said the Australian version would build local industries focusing on the energy transition.

“Our challenge and our great opportunity lies in anticipating change, shaping it and making sure it delivers for our people,” he will say.

“And doing this in our own, uniquely Australian way.”

Hydrogen, green metals, solar power, emerging renewable sources and technologies form the future of the country under the plan.

The focus of the plan is boosting investment in Australia’s green resources, creating more jobs, building a strong and competitive economy, Mr Albanese will say.

As Australia moves towards its goal of net zero by 2050, it means shifting away from old reliable energy sources such as coal and gas that have dominated and supported a number of communities for decades.

But Mr Albanese acknowledges the shift will not happen overnight.

“This is about giving Australian businesses, Australian communities and the Australian people every possible opportunity to benefit from this moment,” he will say.

Queensland is set to be at the forefront of the transition with the development of pumped hydro, wind farms, solar and hydrogen manufacturing.

Mr Albanese likens the new era and push towards new energy resources and jobs to that of the industrial or information revolution – but bigger.

“This is not about ideology, it’s about opportunity – and urgency,” he will say.

Pulling off a green energy revolution requires investment in a host of other aspects of Australian life such as education, housing, care, tourism and farming.

Mr Albanese will say that to achieve this vision, the government needs to evolve to be more strategic, sophisticated and constructive.

“There’s a global race for opportunity and jobs and I want Australia to be in it to win it,” he told ABC TV on Wednesday.

“We can make more things here, we can compete with the world, we need to identify where Australia has a competitive advantage, such as in green hydrogen, producing green steel and green aluminium, producing batteries.”

Shadow treasurer Angus Taylor said “of course” the coalition wanted to see more manufacturing in Australia.

But … you don’t address a cost of living crisis by throwing hard-earned taxpayers money around,” he told Nine’s Today program.

“And that’s exactly what Albanese is proposing here.”

Elizabeth Sullivan from the Australian Conservation Foundation welcomed news of the greater push in clean energy and renewables.

“With strategic implementation and enough public investment to back it, this could unlock the billions of dollars of private investment needed to replace Australia’s fossil fuel exports with responsibly produced renewable technologies,” she said.

“Along with a fossil fuel phase out and adaptation measures, this is how Australia can tackle climate change head on, while creating good jobs for Australians and a secure energy future.”

Chief executive of the Smart Energy Council John Grimes said Australia was able to play a crucial role.

“For too long Australia has been a dig and ship country, in the future we can value add to those minerals and export zero-carbon iron, and other products to the world,” he said.

“We can produce the cheapest electricity right here using solar and wind and, as a result, produce some of the cheapest products in the world.”