Labor will argue for a stronger return to domestic manufacturing as a key economic policy if it wins government at the next election.
In a speech delivered by Labor's treasury spokesman Jim Chalmers to the Australian Industry Group, the opposition will seek to win voters on promises of economic diversification to boost secure work.
Dr Chalmers' speech also outlines commitments to free TAFE, more university spots and cheaper childcare as part of Labor's economic arsenal against the Coalition, which is basing its campaigning on strong economic management during the COVID-19 pandemic.
Labor's manufacturing pledge is part of its national reconstruction fund.
"Co-investing in manufacturing and other crucial sectors through a national reconstruction fund to diversify the economy, revitalise our regions through partnerships with business and help turn good ideas into good, secure jobs," an excerpt reads.
"Our alternative approach to the budget is all about emphasising the quality of the spending, not just the quantity."
The alternative treasurer also touched on a needed modernisation of the NBN as part of a national infrastructure overhaul and clean energy investment to assist in bringing down household prices.
Dr Chalmers' noted digital infrastructure needed to be more accessible and stronger for a workforce now embracing flexible working arrangements.
The opposition is also positioning cheaper childcare and early leaning to boost the national participation rate in the labour market.
"Making early education and childcare more affordable, to ease cost-of-living pressures on working families, invest in the care economy, and boost participation so that we have a bigger pool of willing and able workers for you to draw on," Dr Chalmers said.
In his speech, Dr Chalmers also warned Russia's invasion into Ukraine would put upward pressure on Australia's cost of living.
Petrol prices globally are expected to rise following economic sanctions placed on Russia, with the oil price set to balloon beyond $US100 a barrel. Russian oil reserves equate to around 8 per cent of global supply.
"The war in Ukraine is expected to push up energy and food prices and feed some serious market volatility and investor caution, with consequences for our region and for us here at home," Dr Chalmers said.
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