The Australian Senate has recently approved the Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024, signaling a significant step towards driving the production of renewable hydrogen and critical minerals in the country. The bill introduces production tax incentives aimed at promoting the decarbonisation of national industries and expediting the supply of essential minerals required for the energy transition. One of the key provisions of this bill is the Hydrogen Production Tax Incentive, which will offer a financial incentive of AUD2 (US$1.25) per kg of renewable hydrogen produced between specific periods from 2027 to 2040, extending up to 10 years per project. Additionally, the Critical Minerals Production Tax Incentive will support eligible recipients by covering 10% of the relevant processing and refining costs associated with Australia's 31 critical minerals. This tax credit will be applicable for a maximum period of 10 years between July 1, 2027, and June 30, 2040. These measures are strategically designed to stimulate the production of renewable hydrogen for clean energy applications and facilitate the processing of critical minerals that are fundamental components in the manufacturing of environmentally friendly technologies like wind turbines, solar panels, and electric vehicles. Notably, the tax incentives will only be disbursed once the projects are operational and actively engaged in producing renewable hydrogen or refining critical minerals, thereby playing a crucial role in Australia's commitment to combat climate change and transition towards sustainable industrial practices.