...I never support giving taxpayers money directly to companies, especially publicly listed ones which should raise capital from shareholders; the Govt could get financial institutions to lend to them and providing Govt guarantee instead, then at least these companies would be subjected to more onerous debt covenant measures.
Coalition won’t support Labor’s $13.7 billion production tax credits
Gus McCubbing
Shadow Treasury spokesman Angus Taylor says the Coalition will not support Labor’s $13.7 billion worth of production tax credits for green hydrogen and critical minerals.
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.
“Handing out billions to billionaires through production tax credits – you know, frankly, this is not a good use of taxpayers’ money,” Taylor told ABC on Wednesday.
“This is not how you get manufacturing and resources sectors really firing. We know that from history.”
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.
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.
