Just in via ABC News...Critical minerals and products essential...

Just in via ABC News...

Critical minerals and products essential to transitioning to net-zero emissions have received a big funding boost in this budget.

Production tax incentives will be made available for critical minerals and for hydrogen from 2027, once the government has designed the scheme.

The incentive will be worth $2 for every kilogram of hyrdogen produced, and critical minerals will be valued at 10 per cent of relevant processing and refining costs, at an estimated cost of about $14 billion to the budget for both over the medium term.

$1.4 billion will also be provided over the next decade to support manufacturing of clean energy technologies, mostly to develop solar manufacturing capabilities.

The programs are part of the government's Future Made in Australia agenda, which will be guided by a new framework to identify priority industries for funding.

The framework, to be established in law under the Future Made in Australia Act, will guide future private sector investments and direct money towards projects that either make a significant contribution towards reaching net-zero emissions, or that help to shore up Australia against supply chain disruptions.