A Future Made in Australia is really about a global battle, led by the United States, against a rising China and a destabilising Russia.
But it is really about a global battle, led by the United States, to transform its industrial bases while protecting itself from a rising China and a destabilising Russia.
The Inflation Reduction Act alone, estimated to cost $US900 billion over a decade, is driving manufacturing and energy change across the US and around the world. It will be based on a $2-a-kilogram hydrogen production tax credit that will go to firms that produce green hydrogen that feeds into the power network or can be exported. It is forecast to cost $6.7 billion.
But most attention is on the production tax credits. In hydrogen, they’re aimed at bringing down the cost of Australian production so new players can quickly ramp up to the scale to either power local industry or export to overseas markets.Loading “A couple of years ago, Australia was attracting major new investments, with new value-adding projects set up in lithium, for example,” he said.
While the business sector is keen to see the package, the government faces troubles in legislating its key elements.
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