Federal Minister for Resources and Northern Australia Madeleine King welcomes ongoing efforts by the Western Australian Government to support the State’s lithium sector to protect jobs and an industry vital to global efforts to fight climate change.
Extra support from the Cook Government for WA lithium producers comes as the Albanese Government looks to provide up to $17 billion in production tax incentives for the critical minerals and rare earths industry – the largest package of support for the resources sector ever provided by the Commonwealth.
The Cook Government will provide support to lithium miners in the ramp up phase of production and downstream processing facilities for a period of up to 24 months, after which it is expected lithium will recover to sustainable levels.
The State Government will waive power, water and port and mining tenement fees for lithium producers.
The Cook Government will also establish a $50 million, interest-free loan facility for lithium miners.
Minister King said the Cook and Albanese Government were working hand in hand to back an industry that provides thousands of highly-skilled and well paid jobs.
The Albanese Government introduced a bill this week to provide critical minerals and rare earths producers with production tax incentives as part of its Future Made in Australia agenda.
The tax credits compliment other supports provided by the Albanese Government for the industry, including a doubling of the Critical Minerals Facility from $2 billion to $4 billion, an update to the Critical Minerals List, support from the Northern Australia Infrastructure Facility and numerous direct grants.
“The lithium industry plays an increasingly important role in the economy of Western Australia and in the global effort to fight climate change,” Minister King said.
“It provides thousands of good, highly skilled and well-paid jobs.
“It is vital we continue to support this industry so that we step up to our global responsibility to secure supply chains for critical minerals and rare earths globally.”
Minister King said the decision by the Federal Opposition to oppose production tax incentives would hurt workers in Western Australia and Queensland in particular.
“Peter Dutton’s reckless decision to oppose the Albanese Government’s supports for the critical minerals and rare earths industry is a slap in the face for resources workers across the country,” Minister King said.
“Mr Dutton should explain to resource workers around the country why he is refusing to support them.”
