The Business Council welcomes the introduction of the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 into Parliament today.
BCA Chief Executive, Bran Black, said the Business Council had called for a strong, targeted Australian response to the Inflation Reduction Act.
"The Government's production tax credits can help Australia respond to the increasingly competitive global race for investment in key net zero industries like hydrogen and critical minerals" Mr Black said.
"The final design and administration of the production tax credits, including the Community Benefit Principles, must not be so restrictive or onerous as to undermine their success."
Mr Black said Australia has the critical minerals and renewables required to seize the opportunities of the net zero transition and we must therefore chase down every opportunity to secure the jobs and economic benefits that the transition can bring.
"Targeted incentives, like the production tax credits put to the parliament today, are part of the puzzle in unlocking new projects across the country."
Mr Black said it was important to address the broader investment fundamentals and approvals processes at the same time.
"We know other countries around the world are increasing their foundational competitiveness and productivity through better investment, tax and industrial relations settings - we need to make sure Australia keeps up on these fronts so we can seize the full benefits of targeted incentives like these production credits."
