Courtesy of CopilotIn the latest Australian budget, several...

Courtesy of Copilot

In the latest Australian budget, several measures were introduced to support the critical minerals industry. Here are the key initiatives:

1. Future Made in Australia Package:

   • The Australian government announced a A$22.7-billion package aimed at boosting domestic manufacturing and renewable energy
   • This package includes subsidies and efforts to reduce red tape for investors in the critical minerals and clean energy sectors.
   • The spending will be distributed over the next decade.

2. Tax Incentives for Critical Minerals:

   • The budget introduces tax incentives worth A$7 billion specifically for the processing and refining of 31 critical minerals
   • Additionally, there is A$6.7 billion allocated for renewable hydrogen production from the fiscal year ending June 2028 to the 2039-40 fiscal year.

3. Support for Solar Panels and Battery Supply Chain:

   • A$1.5 billion will be directed toward investment in the domestic production of solar panels and strengthening the battery supply chain