Billions of dollars in support are expected to flow to the green hydrogen and critical minerals sectors — if they actually produce it. Here's what the new tax credit scheme looks like.
After months of wrangling, the federal government's production tax credits for the green hydrogen and critical minerals sectors have passed the parliament.
But the government has attacked the Coalition for opposing support for the critical minerals sector, pointing to the sectors' repeated calls for this kind of support — and hoping the message cuts through in the resources-reliant state of WA.Critical cash for critical minerals That tax credit will be 10 per cent of the cost of processing and refining the minerals, up to a certain level of purity.The Association of Mining and Exploration Companies labelled the passage of the bill "monumental", and expected it will "stimulate billions in new investment" in the sector.It is available from mid-2027, and can be claimed right until the end of the next decade.
That largely means industrial relations changes, which it argues have been doing damage to the sector."I totally understand how industry is excited about a tax credit. Why wouldn't they be? That is the normal style of operating a business when the government puts a lucrative financial offer in front of it," he said.
Nationals leader David Littleproud hinted that the Coalition had its own proposal to support the critical minerals sector.The other big plank of the budget package last year was an estimated $6.7 billion in support for a new green hydrogen industry. Green hydrogen can be used for a few different purposes, like helping decarbonise the steel industry, or being used to create green ammonia.
Critical Minerals Mining Resources Production Tax Credits
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