Good News & Bad News, page-42836

The Albanese Government will give producers of designated critical minerals, which includes nickel and lithium, a 10 per cent tax credit per year for up to 10 years per project.
This means for every $100 dollars of eligible production costs the miner’s tax bill will be lowered by $10, or if it did not make enough to pay tax it can still claim a $10 refund.

The move has an estimated cost of $16.1b, split between $7.1b from now until the 2034 financial year, and then another $9b until 2040.
But the credits will only kick in from July 2027, despite Australia’s nickel industry currently circling the drain.

Minerals Council of Australia chief executive officer Tania Constable welcomed the production tax credits but said they will have “no immediate impact”.
“In light of the Treasurer’s warning about global uncertainty shaping this budget and noting that these credits will have no immediate impact on the budget, the MCA will continue to work with the government and Treasury to better understand the long-term benefits this policy could offer,” she said.