The Federal Government’s Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024 is set to propel Australia’s critical minerals industry into a global leader in decarbonisation. This landmark legislation provides targeted production tax incentives that will attract private sector investment and foster economic diversification.
Key Features of the Bill:
✅ Hydrogen Production Tax Incentive: $2.00 per kilogram of renewable hydrogen produced between 2027–28 and 2039–40 for up to 10 years per project.
✅ Critical Minerals Production Tax Incentive: 10% of relevant processing and refining costs for Australia’s 31 critical minerals between 2027–28 and 2039–40 for up to 10 years.
These measures are part of a broader strategy to maximise the economic and industrial opportunities of the net-zero transition while securing Australia’s place in a shifting global landscape.
The Future Made in Australia plan focuses on:
- Attracting and enabling investment
• Positioning Australia as a renewable energy superpower
• Adding value to resources and strengthening economic security
• Backing Australian innovation, digital transformation, and science
• Investing in people and communities
The creation of a Future Made in Australia Act and a National Interest Framework will further enhance Australia’s position in identifying priority industries and fostering national-interest investments.
Further information on the Future Made in Australia plan can be found at:
