The Australian Government has introduced the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024, which includes the establishment of the Hydrogen Production Tax Incentive (HPTI). The primary goal of the HPTI is to accelerate project development, make renewable hydrogen more readily available, and achieve economies of scale to lower production costs over time. The HPTI will provide a $2 incentive per kilogram of renewable hydrogen to eligible producers for a period of up to 10 years, spanning from 1 July 2027 to 30 June 2040. This initiative aims to foster the growth of a renewable hydrogen industry in Australia, creating economic opportunities for both export and domestic use. The industry is expected to contribute through the manufacturing of green ammonia and fertilizers, iron, and alumina, adding value to the national economy. Part of the $22.7 billion Future Made in Australia plan, the HPTI is designed to support the objectives outlined in the 2024 National Hydrogen Strategy. The tax incentive will be implemented as a refundable tax offset within Australia's tax system, signaling the government's dedication to promoting sustainable energy practices and protecting the environment.