The Albanese government has made a $24 billion bet on turning Australia into a renewable energy superpower, powered by green hydrogen, critical minerals processing and green commodity exports over the coming decade.
Taxpayers will fund $13.7 billion in production tax credits for green hydrogen and critical minerals, answering miners’ and clean energy players’ prayers for a riposte to huge US and European subsidy programs.
Graham Arvidson, chief executive of Australian Vanadium, a potential winner from the budget on two fronts.
He is pictured at the company’s Perth electrolyte facility on May 9, 2024. Trevor Collens
The measure provides a production incentive valued at 10 per cent of processing and refining costs for the 31 critical minerals mined in Australia along with a credit of $2 a kilogram for clean hydrogen.
Wesfarmers chief executive Rob Scott said $7 billion in production tax credits for critical minerals processing was “smart, targeted use of the tax system to solve big problems, leverage our competitive advantages and enhance Australia’s prosperity”.
Mr Scott, whose WA-headquartered industrial conglomerate is set to benefit from the subsidies through its lithium venture, said the incentives would encourage investment, support job creation and productivity.
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