Renewed US partnership ‘huge opportunity’ for Australia

The changing dynamic between the United States and Australia presents “huge opportunities” for the country, US ambassador Caroline Kennedy says.

“There’s just a massive amount of partnerships,” Ms Kennedy told the Australian Financial Review Business Summit on Tuesday.

“Even if you’re talking about AUKUS, it’s really a technological sharing agreement,” she said, referring to the Australia-United Kingdom-United States security pact.

Just a few weeks ago Australian research agency CSIRO and the US National Science Foundation announced a partnership on artificial intelligence and there was also collaboration between the centres on quantum computing and green energy, Ms Kennedy said.

“So really I think as you look across the board, there are huge opportunities,” Ms Kennedy said.

The $US1.7 trillion Inflation Reduction Act, signed into law by US President Joe Biden in August, also contains huge subsidies for green energy that is an opportunity for Australia, Ms Kennedy said.

“It’s a huge opportunity, for no place better than Australia here. You have a unique ability and opportunity to take advantage of the benefits of the Inflation Reduction Act, that almost no other country has,” he said.

“As a trade partner, as a source of critical minerals with the know-how and expertise to mine them and extract them at a time when there’s nothing more important than our alliances globally.”

Ms Kennedy said she had heard from business leaders at the summit that the Inflation Reduction Act was already having “huge impact”.


Derek Rose
(Australian Associated Press)


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