Labor plans tax credits to help nickel miners

Labor plans tax credits to help nickel miners

The Albanese government is fast-tracking a system of production tax credits to try to protect the ailing nickel mining industry, and is prepared to extend the credits to lithium miners should the price of that critical mineral also continue to fall.As Anthony Albanese arrived in Perth on Sunday for a cabinet meeting on Monday, sources said the development of tax credits, which was initially resisted by Treasury, was being “accelerated” via the budget process amid warnings from BHP and others that they may have to cease operations with the loss of thousands of jobs.
Mr Albanese said West Australian Premier Roger Cook would be invited to the cabinet meeting for the discussion on nickel, and he was confident the government could nurse the industry through what he said was a time-limited challenge.

“We are looking towards smart, targeted, time-limited support. This is a short-term issue for what is in the long term, a very critical industry for Australia,” he told reporters in Perth.

“Nickel will be a critical mineral going forward. It’s critical for batteries and for other sources as the global economy shifts, as we are seeing, to clean energy