Colour-coding Australian-made consumables is the latest policy announcement by billionaire businessman and political hopeful Clive Palmer.

If elected, the Palmer United Party will introduce food labelling which will see a red tag on products made with more than five per cent non-Australian components.

Mining magnate turned politician Clive Palmer. Credit:Glenn Hunt

"Under the current laws, it is impossible to determine the breakdown between ingredients and packaging when an item is labelled Australian-made," Mr Palmer said.

Items with 95 per cent or more Australian ingredients and packaging will carry a green and gold tag.