In a joint statement, the treasurer, Jim Chalmers; resources minister, Madeleine King; energy minister, Chris Bowen; and assistant minister for a Future Made in Australia, Tim Ayres, hailed the tax breaks as critical to “seizing the vast economic and industrial opportunities” of the net zero transition.
Pre-election boost for Albanese as $13.7bn core of Future Made in Australia passes Tax breaks for critical minerals processing and green hydrogen production were waved through the senate on Monday evening.
Labor wants to use the tax breaks to kickstart emerging green industries and help protect Australia from China’s stranglehold on the global critical minerals supply chain.
The government’s $13.7bn worth of tax breaks for critical minerals processing and green hydrogen production cleared the upper house on Monday night with the support of the Greens and crossbenchers.
“This legislation ensures taxpayer money goes where it should – into clean manufacturing, critical minerals processing, and green hydrogen, not into dangerous climate-wrecking industries of the past,” the Greens resources spokesperson, Dorinda Cox, said.
