LAURA TINGLE: Among President Donald Trump's raft of announcements this week was one with huge implications for Australia. An energy agenda promising a massive increase in U.S. oil and gas production. Markets anticipate a flood of new supply will set oil and gas prices tumbling. The fossil fuel-heavy outlook also puts an entirely different context around the Albanese government's multi-billion-dollar investments in green and renewable industry and energy. I spoke to Industry Minister Ed Husic a short time ago. Ed Husic, welcome back to 7:30.

ED HUSIC, MINISTER FOR INDUSTRY AND SCIENCE: Yes, thank you for having me.

LAURA TINGLE: Well, 12 months ago, your government was having to defend the fact that you weren't planning to match the Biden administration's huge renewable energy and green industry subsidies under the inflation reductions.

ED HUSIC: It's a wonderful roundabout to be on these different viewpoints at different points in time.

LAURA TINGLE: Indeed, the 180-degree turn. It's been quite creative. But yet, here, the government's been announcing unprecedented new investments in industry. When you were on the defensive about not doing enough just a short while ago. Including a $200 million equity investment in Gina Rinehart's rare earths project and this week a $2 billion production credit for the aluminium sector. What do these investments offer, particularly in the new Trump world?

ED HUSIC: So, our $2 billion green aluminium production credit is designed for aluminium smelters that exist in regional parts of the country to think ahead about bringing on board more renewable energy to support the production process. Aluminium is very electricity-intensive, so the sooner we can get them to secure contracts with renewable energy supply, the better it is for them, and the better it is for the jobs in those parts of the world that are sustained and the economic injection provided by aluminium manufacture. We're a world leader, we're amongst the world leaders in aluminium production and we have the benefit of a whole, from the mining, refining and then the value add that supply chain. It's rare that a country like ours would be able to have that breadth of the supply chain, so we can't lose that. And we're in a global race because a lot of our competitors are engaged heavily in decarbonisation. So, making these investments, working in tandem with industry at the scale that we are, is designed to have a long term impact and benefit for the nation. We cannot be left behind and stranded. It'll have a huge impact. And there's also a great export opportunity. I was in Portland today visiting the Alcoa smelter. 100% of their product, Laura, is exported. Defying the sneering that normally comes with Australian manufacturing that says it's too costly. No-one wants to buy our product. Here we have a smelter that's exporting 100% of its product, and we want them to do that in the long term, which is why we're putting a production credit in this regard in place.

LAURA TINGLE: Well, the Financial Review was reporting this week there is going to be more taxpayer assistance to energy intensive industries. Should we expect to see more announcements before polling day? And would cynics have reason to believe that there seems to be a bit of a timing factor here that we're suddenly seeing this flood of money in the race up to an election?

ED HUSIC: Well, never let me stand in the way of a cynics observation. I think they'll just make those no matter what. But the reality is we have worked on the development of a green metals pathway for quite some time. We brought together industry, unions, research, academia to say, 'Where do we go?' This presents a huge opportunity for the country. It's estimated that 122 billion a year in export earnings by 2040 and a reduction of 250 megatons of emissions if we get this right. So, we have done a lot of work on this over a period of time and you will see further announcements made by the Government. We've released what we plan to do on aluminium. There are other areas as well on iron and steel. And I think this is important in setting a pathway for longer term for us, particularly in terms of revitalisation of manufacturing and the strengthening of it. And I just want to make the point. It's in complete contrast to our political opponents who've had nothing to say here. Their first reaction, as always, has been opposition. Has told blue collar communities they're not prepared to back what we're putting forward. No ideas of their own. An opposition that has been completely missing in policy terms. Away on a long lunch, no policies to put forward, hoping that they can just scramble over the line before an election. And I don't frankly think that that's a responsible approach for a government that wants to run the Commonwealth of Australia.

LAURA TINGLE: In the last couple of days you've refused approval for petroleum exploration in the so called Pep-11 petroleum field off the coast of Sydney. Why did you do that? And doesn't the decision look odd in economic terms at least given the field is adjacent to the biggest gas market in Australia where supplies are running short.

ED HUSIC: Ok, well, I. So, a number of things. One is I'll obviously be careful about my remarks, if you don't mind, just simply because the firm in question has indicated they might appeal. This has been a long-running issue. I've sought to undertake the assessment of the application by the firm involved in a methodical way. We've given them ample opportunity. We flagged an initial position back in September, worked, submitted that, made it known publicly. We were doing that, worked with them in terms of assessing the information they put through and came to a final decision. And I indicated, for example, public interest was a particular issue that weighed in the decision making process. It has been a, I think it's fair to say, a matter of widespread commentary, particularly on the East Coast. So, we do need to make sure that we get the balance right. We recognise that there's a role for gas, as I said earlier in our discussion in the transition, it will have a role to play. And I as an industry Minister, recognise that particularly firms rely on gas, they will have to rely on gas as feedstock, particularly in plastics and cement. But all these activities depend on social licence as well.

LAURA TINGLE: If I could ask you about another subject. The Federal Government's special envoy to combat Islamophobia, Aftab Malik, says that in addition to anti-Semitic attacks, there has been an Eightfold rise in anti-Islamic attacks since October 2023. And that's a threat he says shouldn't be ignored simply because we haven't seen mosques torched or cars vandalised. One thing that strikes me about the reports that foreign actors may have been identified as the possible source of many of the anti-Semitic attacks in Sydney is that the wave of anti-Semitism does not seem to necessarily be local, sectarian actions, community on community.

ED HUSIC: And I think that's important. I think, if I can put it this way, I would rather be right than first in making a judgement. And so I think there's probably, you know, we need to let obviously the authorities, the agencies that are looking at this, give them the room to investigate and fill the picture in. So, we shouldn't be jumping to conclusions. I think the biggest thing that we can do as a community right now, I think social cohesion requires all of us to play a part. I think we all have a responsibility to build stronger connections between ourselves. Not divide people, but bring them together at this time. I think I take on board what the special envoy has mentioned with respect to Islamophobia and there has been a big leap there. And I think that the issue with that is obviously the way it makes people feel in terms of being intimidated and concerned about their physical wellbeing. I'm particularly conscious for our, our friends, for Jewish Australians. And I think of it from the perspective of a parent wondering what might happen to their child. They should not have to live under that fear. An attack on one is an attack on all. So, we need to signal our determination to stamp this out, to throw the book at people that are engaged in this activity and redouble our efforts to work together to bring the community together and hold the nation together. I would emphasis. To do it in a way to recognise people feel this intimidation from their own vantage points, in different ways, from different faiths and different backgrounds. No one. I just want to emphasise this, Laura. No one should live in fear of practising their faith and who they are due to their faith. No one should. This is not the country that we have grown up in or believe should be the case. Absolutely our history will show there have been periods where we have gone through that degree of sectarianism and we learned a lesson out of that and we said we wouldn't engage for good reason. People shouldn't feel that way. And I think this is a reminder of the responsibility we all have to ensure that the corrosive nature of anti-Semitism and Islamophobia should not tear at our social fabric.

LAURA TINGLE: Ed Husic, thanks for your time tonight.

ED HUSIC: Thank you very much.