For years, Australia has been stuck in the same cycle—exporting raw materials only to import the finished products at a premium. We mine critical minerals, ship them overseas, and then buy back batteries, solar panels, and electric vehicles made from our own resources. It’s inefficient, costly, and a missed opportunity.
Now, things are set to change. The Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 has passed the Senate, bringing in powerful incentives to keep more of our production—and profits—at home. With global industries shifting toward net zero emissions, Australia has a choice: lead the way or get left behind.
These new tax credits could be the turning point. But the question is—who’s ready to take advantage of them?
Incentives to Keep Industry Local
This new legislation is one of the biggest government-backed boosts to Australian industry in recent history. It introduces two key tax incentives aimed at keeping more of our production—and profits—right here.
1. Hydrogen Production Tax Incentive
- A refundable tax offset of $2 per kilogram of renewable hydrogen produced
- Available from 2027–28 to 2039–40, for up to ten years per project
Why does this matter? Hydrogen is the fuel of the future, and Australia has the resources to produce it cleanly. Instead of importing hydrogen technology, we can become a global leader in its production—creating jobs, reducing emissions, and keeping our economy strong.
2. Critical Minerals Production Tax Incentive
- A 10% refundable tax offset on eligible processing and refining costs for critical minerals
- Applies to 31 critical minerals processed between 2027–28 and 2039–40, for up to ten years per project
Critical minerals are the backbone of modern technology. Think electric vehicle batteries, wind turbines, solar panels, and even defence technology like submarines and aircraft. The incentive means companies will have more reason to process these minerals here rather than sending them overseas.
What Does This Mean for Your Business?
If you’re in energy, mining, manufacturing, or even tech development, this is your chance to get ahead. The government is practically putting money on the table for businesses willing to invest in Australia’s future. But like all good opportunities, there’s a timeline, and the time to start preparing is now.
Questions to Ask Yourself:
- Could your business pivot toward hydrogen production or mineral processing?
- Are you positioned to take advantage of these incentives before others do?
- Do you have the right partnerships and investment plans in place?
If you don’t start thinking about it now, someone else will.
Take Advantage of What’s Ahead
The Future Made in Australia tax credits are a huge step forward for the country, but the true benefit comes from how businesses like yours respond to it. The opportunity to keep production and profits at home is right in front of you.
Are you ready to take advantage of it, or will you let this moment slip away? The future is here, and it’s time for Australia to lead—don’t let this chance pass you by.
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