According to Mining.com, citing Reuters, the Australian government announced on Monday its intention to legislate tax incentives to encourage mining sector investments in expanding renewable hydrogen and critical mineral production, both of which are pivotal to its energy transition strategy.
The government stated that the proposed legislation would provide a 10% cost deduction for the processing and refining of 31 critical minerals during the fiscal years 2027/2028 to 2039/2040.
For renewable hydrogen, the bill includes a tax credit of AUD 2 (USD 1.31) per kilogram of hydrogen produced during the same period.
“This bill will make Australian investments more transparent and stable, add more value to natural resources, and help deliver cheaper and cleaner energy,” Finance Minister Jim Chalmers said in a statement.
Tax credits will be granted once projects for producing hydrogen or processing critical minerals required for wind turbines, solar panels, and electric vehicles commence operations, Chalmers added.
Major economies are investing billions of dollars to support clean energy projects and enhance competitiveness in the production of electric vehicles and semiconductors, which are crucial for economic prosperity and national security.
In May this year, Australia’s center-left Labor Party committed in its budget to AUD 7 billion in tax incentives for critical minerals processing and AUD 6.7 billion for renewable hydrogen production during the fiscal years 2027/2028 to 2039/2040.
[Source – 上海有色网] 澳大利亚减免税费刺激关键矿产加工 https://news.smm.cn/news/103063807
