The Labor government’s Future Made in Australia bill has officially passed the Senate, with support from the Greens and crossbenchers such as Lidia Thorpe and Fatima Payne.
The policy offers $13.7 billion in tax breaks for critical minerals processing and green hydrogen to support the decarbonisation of Australia’s industries and help protect the country’s critical minerals supply chain.
A 10% tax concession will help subsidise processing and refinery costs for minerals such as lithium and nickel from 2027-2040.
A $2 per kilogram of green hydrogen produced incentive will also be available during the same period.
This comes at a critical moment and offers a pre-election boost for the Albanese government.
Prime Minister Anthony Albanese took to X yesterday evening saying, “Our Future Made in Australia plan is all about Australian workers and Australian companies making things here.”
“Because good jobs and fair wages depend on successful businesses,” he said.
The broader $22.7 billion Future Made in Australia manufacturing policy aims to fund clean energy projects and create jobs for the decarbonisation transition. It will continue to play a key role in Labor's election pledge to voters.
The Liberal party voted against the proposed concessions, previously calling the idea ‘billions for billionaires.”
The Bill has gained widespread support from industry leaders including West Australia's leaders, the Queensland Resources Council, the Association of Mining and Exploration Companies and more.
The Greens have also backed the decision after securing an amendment to the bill that prevents incentives from being offered for uranium mining.
“This legislation ensures taxpayer money goes where it should – into clean manufacturing, critical minerals processing, and green hydrogen, not into dangerous climate-wrecking industries of the past,” said Dorinda Cox.
The bill will now return to the House of Representatives to be rubber stamped.
Albanese this morning had a “very constructive and warm conversation” with United States President Donald Trump for the first time since Trump’s inauguration.
A key part of the conversation was discussing Australia’s case for an exemption from Trump's proposed 25% tariff on imported steel and aluminium.
Albanese addressed the public saying, “We agreed on wording… which is that the US president agreed that an exemption was under consideration, in the interests of both our countries.”
“If you have a look at what we’ve achieved already, it’s been a tremendous start to the relationship,” Albanese added.
