Treasurer Jim Chalmers plans substantial public investment, tax breaks, and incentives in May's budget to encourage Australian industry amidst economic challenges from China's slow growth and falling iron ore prices.

Treasurer Jim Chalmers plans substantial public investment, likely tax breaks, and other incentives in the May budget to encourage industry, while stressing that it won't be a "free-for-all" of public funds. The government aims to streamline processes for some foreign investment bids but make the rules tougher for others. Australia's economy faces challenges from China's slow growth and a tumble in the iron ore price.