Economics Explored

Should Australia “Make Things Again”? - ep302

Episode Summary

“Make things again” — it’s a powerful slogan. But what does it really mean for Australia’s economy, workers, and national security? Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys dig into the heart of the debate, from the politics of nostalgia to the realities of automation and global trade. A thought-provoking conversation about whether Australia can, or should, bring manufacturing back home.

Episode Notes

“Make things again” — it’s a powerful slogan. But what does it really mean for Australia’s economy, workers, and national security? Show host Gene Tunny and Australian Taxpayers’ Alliance Chief Economist John Humphreys dig into the heart of the debate, from the politics of nostalgia to the realities of automation and global trade. A thought-provoking conversation about whether Australia can, or should, bring manufacturing back home.

Gene would love to hear your thoughts on this episode. You can email him via contact@economicsexplored.com. 

Timestamps

• 00:00 – Introduction – Why “Make Things Again” is back in the headlines
• 01:40 – From CIS Consilium to the manufacturing debate
• 06:15 – The political appeal of “making things again”
• 12:50 – Australia’s car industry and economic reality
• 16:55 – What policy tools are we really talking about?
• 21:45 – The energy policy civil war on the right
• 27:50 – Legitimate arguments for tariffs: revenue & security
• 31:30 – National security, China, and economic resilience
• 40:10 – Automation and the meaning of work
• 44:55 – The future of the centre-right
• 48:25 – Wrap-up: where the new right might go
• 49:00 – Outro – national security, critical minerals & what’s next

Takeaways

1. Automation has changed everything – Even if manufacturing expands, the old factory jobs aren’t coming back; future growth will be in advanced, high-value sectors.
2. Politics vs economics – “Made in Australia” is powerful politically, but protectionism risks higher costs and lower productivity.
3. National security is a legitimate concern – But it needs a framework; not everything can be justified in its name.
4. Energy costs are critical – High power prices are a big constraint on manufacturing.
5. Meaningful work matters – Many calls for reindustrialisation reflect cultural and social concerns about meaning, not just economics.

Links relevant to the conversation

ATA livestream of Made in Australia debate || ATA #26:

https://www.youtube.com/live/tvBKU7-Ce7E?si=g-Mr8AlL3-wDxNlE

Andrew Hastie MP’s call to make things again:

https://youtube.com/shorts/9NQGcBnaI8I?si=h4jwFskB2byxJ6Yy

Simon Cowan’s opinion piece “The hard truth: why the government should let this smelter fai”:

https://www.cis.org.au/commentary/opinion/the-hard-truth-why-the-government-should-let-this-smelter-fail/

Productivity Commission paper “Guardrails for modern industry policy”:

https://www.pc.gov.au/inquiries-and-research/guardrails-industry-policy/

Richard Holden’s AFR article “Labor needs a strategy to say where minerals bailouts stop” (paywalled):

https://www.afr.com/policy/economy/labor-needs-a-strategy-to-say-where-minerals-bailouts-stop-20251012-p5n1sz

John Quiggin’s article “If government bailouts of companies are the new normal, we need a better strategic vision”:

https://theconversation.com/if-government-bailouts-of-companies-are-the-new-normal-we-need-a-better-strategic-vision-267111

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