The parent company of one of Australia’s most loved chocolate brands has warned against increasing regulation under Labor’s signature $22.7 billion manufacturing package.

Mondelez International, which owns Cadbury, will appear before a parliamentary inquiry on Thursday to give feedback on the government’s Future Made in Australia bill.

The plan aims to fund clean energy projects and create jobs in the decarbonisation transition.

In its submission, Mondelez says it is of “critical importance” regulation and reporting requirements are not increased for industry under the government’s plan.

“We must streamline regulations and embrace enabling technologies to reduce  complexity and foster a more competitive and cost-effective industry,” it reads.

The company says strengthening domestic supply chains was also important to ensure food security and economic resilience.

“Identifying and addressing barriers to private investment in critical sectors which can enhance the stability and reliability of the food supply chain will help facilitate significant capital inflows into food manufacturing projects,” the submission reads.

Echoing the concerns also put forward by business groups, the Productivity Commission wrote that “off-ramps” needed to be built into the policy design and used when recipients of taxpayer cash aren’t delivering on outcomes.

“(Future Made in Australia) support should be time-limited and withdrawn from activities and sectors found by independent periodic reviews not to be achieving net community benefits and their stated policy goals in a cost-effective way,” it reads.

The commission says data and reasoning underlying the National Interest Framework, which will identify priority industries, should be made public.

-AAP