Australia's Future Made in Australia Bill Boosts Critical Minerals and Hydrogen Production Incentives
Key Ideas
- The Chamber of Minerals and Energy WA (CME) supports the Future Made in Australia Bill introduced to Parliament, which offers incentives for critical minerals processing and hydrogen production.
- The Bill includes a Hydrogen Production Tax Incentive and a Critical Minerals Production Tax Incentive to promote renewable energy and strategic industries.
- CME CEO Rebecca Tomkinson emphasizes the importance of broader government support beyond tax incentives to compete globally in downstream processing and attract investment.
- Alignment of State and Federal policy settings is crucial to capitalize on opportunities in the resources sector amidst the energy transition towards net zero emissions.
The Chamber of Minerals and Energy WA (CME) has expressed support for the Future Made in Australia Bill introduced to the Parliament by the Federal Government. The Bill aims to provide significant incentives for critical minerals processing and hydrogen production, recognizing the vital role of Australia's resources in the energy transition. CME CEO Rebecca Tomkinson highlighted the importance of timely passage of the legislation to enable capturing more investments for strategic industries. The proposed Hydrogen Production Tax Incentive and Critical Minerals Production Tax Incentive are designed to stimulate renewable energy production and support designated critical minerals refining. However, Tomkinson noted that while these incentives are crucial, they are just one piece of the puzzle. She emphasized the need for broader government support to compete with other jurisdictions that offer attractive incentives for downstream processing. Tomkinson also stressed the importance of access to low-emission and internationally competitive energy prices in attracting businesses for value-adding industries. It was highlighted that for WA to succeed in the global market, government support should extend beyond production tax credits. The article underscores the necessity for policy alignment between State and Federal levels to effectively leverage the opportunities presented by the net zero transition and ensure the resources sector's competitiveness.
Topics
Oceania
Renewable Energy
Investment
Energy Transition
Mining Industry
Policy Alignment
Downstream Processing
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