Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024; Second Reading

Sterle supported the bill, describing it as a zero-risk approach that rewards companies only after they have processed critical minerals in Australia. Sterle argued the 10 per cent tax credit would unlock private investment, support 19 projects in the Durack electorate, and create secure jobs for Australian workers. Sterle noted that the legislation was backed by major industry bodies, including the Minerals Council of Australia and Wesfarmers, and contrasted this with opposition policies he characterised as outdated. Sterle emphasised that the bill was crucial for national security and economic resilience by keeping value-adding activities onshore.

O'Neill supported the bill as part of a broader $22.7 billion Future Made in Australia initiative aimed at driving economic growth and clean energy jobs. O'Neill argued that the government was actively building industries rather than letting Australia remain a quarry for raw materials, citing specific incentives for hydrogen and critical minerals. O'Neill highlighted the expansion of Indigenous Business Australia to ensure First Nations communities participated in the net zero transition. O'Neill contrasted the government’s strategic investments with opposition proposals for nuclear power, which she claimed lacked market support and business partnership.

Price opposed the bill, arguing that the government had created bloated bureaucracy and excessive regulation that hindered economic potential. Price claimed that increases in public sector numbers and pay were contributing to high inflation and complicating interest rate decisions. Price stated that the legislation would exacerbate these problems rather than support business growth. Price referenced the coalition’s previous actions during the pandemic to provide relief to businesses and maintain employment.