The chief executives of Australia’s largest hydrogen and critical minerals companies say a $22 billion budget boost will supercharge the nation’s competitiveness in the race for global capital, fuelling a clash with the Coalition over taxpayer support for the sectors.” scheme, the centrepiece of the federal government’s budget on Tuesday, included $13.7 billion in tax incentives for the domestic production ofThe Pilbara Minerals lithium mine in Pilgangoora, Western Australia.
However, Opposition Leader Peter Dutton on Wednesday argued the government should not be propping up projects, in comments that put the Coalition on course to clash with leaders of an industry it typically backs., a West Australian lithium producer backed by mining billionaire Gina Rinehart, said it welcomed the “strong intent” and targeted measures contained in the budget.
“While MinRes doesn’t benefit directly from the production tax incentive, this is sensible policy that will make Australia more competitive,” a company spokesman said. “Our 100-plus-strong members have long been calling for action by the Australian government to back in the green hydrogen industry, as the net-zero fuel of the future.”
“But they can’t do that until they deliver the best returns for your retirement savings and as a result, they’re currently investing in the United States, in Europe and other jurisdictions because of the policy subsidies that they’re providing.”
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