The pandemic exposed massive shortcomings in local supply chains and left the Morrison government scrambling to source, among other things, personal protective equipment for health workers.

Australia's dependence on off-shore refineries for petrol and diesel is well-documented - as is the need for larger on-shore fuel reserves to guard against any extended disruption to fuel shipments in the event of war or disaster.

Of even greater concern, given the scale of the Albanese government's renewables rollout, is the almost total dependence on foreign suppliers - especially China - for solar panels and wind turbines.

The recent launch of the $1 billion Solar Sunshot program, intended to ramp up solar panel production, is designed to address the sovereign risk of having all our renewables eggs in the one basket while, at the same time, bringing investment and new jobs to regions previously dependent on fossil fuel mining and electricity generation.

Speaking in Queensland on Thursday, Mr Albanese indicated the government's as yet unseen "Future Made In Australia Act" would bring a number of previously announced multi-billion dollar initiatives, including Solar Sunshot, the Hydrogen Headstart Program and the Critical Minerals Facility, under one umbrella.

In a speech that was long on rhetoric but short on detail, the Prime Minister foreshadowed a degree of government intervention in developing new industries and technologies not seen on this scale since the war years.

This could ultimately involve the expenditure of billions of taxpayer dollars to underwrite initiatives that haven't been able to attract investment through the usual financial channels such as the stock market.

That, with the greatest respect, is open to the same criticism the government has repeatedly made about the Coalition's nuclear energy policy; i.e. if nuclear was viable the market would have backed it already. The key difference, of course, is that the market can't invest in nuclear energy because of the long-standing ban.

The big risk, especially when it comes to emerging technologies such as green hydrogen, is that the government is poised to spend a lot of public money on an as yet not commercially viable energy source with a problematic timeline that will ultimately enrich private investors.

There are similar concerns about the push to manufacture solar panels on a large scale in this country. While the case for developing a sovereign capability is strong, the economic rationale is on shakier ground.

The reason China dominates solar panel manufacture is because its workers are paid significantly less and it also benefits from massive economies of scale developed over decades.

Australia will never be able to compete with Chinese-made panels on cost unless it provides generous consumer subsidies on the one hand or imposes punitive tariffs on imported panels on the other.

It's not surprising, therefore, that some business groups have damned Thursday's announcement with faint praise.

"We are today invited to make a leap of faith that more government guidance and support is the answer to our ills," Australian Industry Group chief executive Innes Willox said.

"Industry will naturally view the promise of more government intervention with suspicion, if not alarm."

Labor's challenge is to persuade the captains of industry that those who say, "I'm from the government and I'm here to help you", should be trusted.