Critical minerals refining tax breaks become law after Albanese Government wins Greens’ support

[Pelican Press 0]

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Critical minerals refining tax breaks become law after Albanese Government wins Greens’ support

Critical minerals companies that set up downstream processing and refining will get a tax break from mid-2027 after the Government won agreement from the Greens to pass its Budget centrepiece.

The 10 per cent production tax incentives for critical minerals and green hydrogen projects passed the Senate late on Monday night with a minor tweak to explicitly prevent uranium projects from receiving any of the benefits.

Under the plan, projects will get a tax break for up to 10 years on production starting in 2027-28 for the materials needed to build things like batteries, solar panels and wind turbines.

Resources Minister Madeleine King, Treasurer Jim Chalmers and Energy Minister Chris Bowen said the $17.5b measure was one of the largest ever packages of support to the sector.

“This is all about seizing the vast economic and industrial opportunities from the global net zero transformation and strengthening our economic resilience,” they said in a joint statement.

“It’s also about making sure the benefits from the investment flow to local workers, industries and communities around Australia.”

Greens leader Adam Bandt said support for the crucial sector was what he wanted to see from a government in a climate emergency.

The Coalition opposed the tax breaks, which are expected to largely benefit projects in WA.

Opposition senators attempted to add a ban on union agreements being made a condition for projects to get the incentives but were unsuccessful.

The legislation will need final approval from the lower house on Tuesday because of the amendments.

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