Australia passes tax incentives law for critical minerals
Australia's parliament has passed laws that would give production tax breaks for critical minerals and renewable hydrogen, in a boost for energy transition plans as it aims to hit net zero emissions by 2050, and reduce dependence on China. The law, passed on Tuesday, will create tax incentives worth 10% of processing and refining costs for 31 critical minerals from the fiscal year ending June 2028 to 2040, for up to 10 years per project, the centre-left Labor government said. For renewable hydrogen, a tax incentive worth A$2 ($1.26) per kg of renewable hydrogen produced will be offered.
