The Australian government announced a A$22.7 billion ($15.0 billion) package on Tuesday to increase domestic manufacturing and renewable energy.
The country which wants to reduce its reliance on foreign suppliers for key technologies included billions in subsidies for the emerging critical minerals and clean energy industries and efforts to reduce red tape for investors in the sector.
“The world is committed to net zero by 2050,” Australian Treasurer Jim Chalmers said in his budget speech. “This will demand the biggest transformation in the global economy since the industrial revolution.”
The approved package will introduce tax incentives worth A$7 billion for the processing and refining of 31 critical minerals and A$6.7 billion for renewable hydrogen production from the fiscal year ending June 2028 to the 2039-40 fiscal year, the news agency Reuters reported on Tuesday.
Moreover, tthere will be A$1.5 billion to support further investment in the domestic production of solar panels and the battery supply chain, the agency added.
