Opposition hits out at ‘billions for billionaires’ tax incentives for important minerals projects

Opposition hits out at ‘billions for billionaires’ tax incentives for important minerals projects

Proposed tax breaks designed to wait on the next insist in important minerals were rejected by the Coalition as “billions for billionaires”, sparking a battle of phrases between Opposition leader Peter Dutton and Western Australia’s premier.  

The federal authorities’s $7-billion draw to carry out a 10 per cent tax credit over the next decade to companies endeavor downstream processing was offered in Tuesday’s funds. 

It hoped the incentives, that were portion of the authorities’s $22.7 billion Future Made in Australia package deal that contains green hydrogen, would see the emergence of fresh projects across the country. 

Peter Dutton speaks to any individual off camera correct thru a television interview.

Opposition Leader Peter Dutton says it doesn’t give a boost to tax incentives for the important minerals industry.(ABC Recordsdata )

Federal Opposition Leader Peter Dutton stated important minerals projects ought to soundless be ready to stand on their very bask in.

“We set no longer give a boost to it,” he told ABC Recordsdata Breakfast.

“The Prime Minister is giving billions and billions of bucks to billionaires and we now accumulate obtained families living in tents and autos.

“I correct deem americans love Clive Palmer, [Andrew] Twiggy Forrest and others are gargantuan industry americans, they know the design to profit from a rather dilapidated authorities, and I deem that is what they’re doing on the second.

The soundbite, “billions for billionaires”, belongs to Opposition treasury spokesperson Angus Taylor, but Mr Dutton made the accumulate collectively’s put sure. 

“We give a boost to them [critical minerals projects], but no longer with taxpayers’ money, splashing billions of bucks at a time when the authorities has created an economic disaster for families and a housing disaster for hundreds and hundreds of Australians,” he stated.

Jim Chalmers speaks in the Residence of Representatives.

Treasurer Jim Chalmers offered the measures in the Federal Budget 2024 on Tuesday.(ABC Recordsdata)

Criticism is ‘anti-Western Australian’

WA Premier Roger Cook described the Coalition’s criticism as “anti-Western Australian”.

“It is about creating jobs … or no longer it is about persevering with to make sure that that we make stuff in Australia,” he stated. 

“Rather frankly, or no longer it is anti-Western Australian, and the Liberal Opposition must now repeat why they are opposing the important thing characteristic of this funds, that will per chance well just profit WA.”

Man in hardhat speaks at press convention

WA Premier Roger Cook described the Coalition’s put as “anti-Western Australian”.(ABC Recordsdata: James Carmody)

WA’s Mines Minister David Michael stated it confirmed the Coalition was out of contact with the advise.

“The federal Liberal Opposition doesn’t accumulate WA, the federal Liberal Opposition doesn’t accumulate our mining sector, and I’d name on them to reassess their put and to carry out simple activity to those many producers and proponents who are taking a ogle to carry out here in Western Australia,” he stated.

WA Liberal Leader Libby Mettam stated the advise accumulate collectively would give a boost to the measure.

“It is something that I will elevate with my federal colleagues,” she stated.

“We are dedicated to job and industry and fresh industry in Western Australia and that is my put.”

WA federal Liberal MP Rick Wilson moreover broke accumulate collectively ranks in give a boost to of the plot. 

A headshot of a male baby-kisser.

Liberal MP Rick Wilson welcomed the tax incentives as his citizens faces more job losses.(ABC Goldfields: Jarrod Lucas)

There are 31 metals listed on the federal authorities’s important minerals listing, but nickel was only added in February following mine closures and mass job cuts in WA.  

Mr Wilson’s motivation for supporting the authorities’s draw is clear as hundreds of jobs are on the line in his O’Connor citizens, where mining big BHP is weighing up the future of its loss-making Nickel West division. 

Nickel West contains the Kalgoorlie Nickel Smelter, which has been working since 1973.  

“It is no longer going to are in the market in in till 2027, so I am no longer sure that or no longer it’ll are in the market in in time for our nickel producers and, of path, you might per chance accumulate got with out a doubt obtained to be making a profit so that you might per chance well utilise the tax credit,” Mr Wilson stated.

“Beautiful on the authorities for taking some action to assign those nickel producers going in the face of competition from more cost-effective nickel out of Indonesia.”

Sundown at a mining operation with a serious smoke stack.

In the previous few months, several nickel producers in Western Australia accumulate scaled wait on or are going into care and maintenance.(Equipped: BHP )

Laws is no longer going to be rushed

Speaking on ABC Perth on Wednesday, federal Resources Minister Madeleine King described the tax incentives as “a truly worthy funding in the resources sector of any Commonwealth authorities”. 

She stated fresh legislation for the tax credits would no longer be rushed to prop up WA’s embattled nickel sector, which was hit yet again final month with the closure of the Ravensthorpe nickel mine.

Madeleine speaks in parliament in a sparkling crimson blazer, black glasses and gestures along with her left hand.

Resources Minister Madeleine King says the tax credits will pressure funding.(AAP: Mick Tsikas)

“We now must make sure that here’s performed well suited,” Ms King stated.

“I know that will per chance well be subtle for nickel well suited now, but there are a quantity of companies mining well suited now that don’t seem like processing yet, and it will most likely per chance pressure funding into the processing aspect of things.

“You’d’t flick a activate these items in a single day, as worthy as we might per chance per chance well must.

“We are sending a signal well suited now to investors well suited around the enviornment to make sure that they know Australia, and in particular Western Australia, is the correct put to make investments in the event that they accumulate to make investments in important minerals and a green energy future.”

Miners welcome fresh incentives

Two Perth-based companies which would maybe per chance well be creating WA nickel mines, both of which accumulate earned main project put from the federal authorities, imagine the tax incentives might per chance per chance well very effectively be transformative for the sphere.

man wearing hi-vis in the wasteland

Ardea Resources’ Andrew Penkethman says the tax breaks will make Australia more aggressive.(ABC Recordsdata: John Gunn)

Andrew Penkethman is from Perth-based Ardea Resources, which is creating the $3 billion Kalgoorlie Nickel Venture, and says the tax incentives will make Australia more label aggressive.

Mr Penkethman was in Sydney on Wednesday spruiking his company’s three design partnership address a Japanese consortium to exercise $98 million on a feasibility leer that will per chance well rob the project to the brink of a final funding option.

He stated the advantages to the national economic system thru job introduction, wages and advise royalties, a ways exceeded the label of the tax credit.

“This will likely be of serious profit and will wait on make the Australian important minerals sector more label aggressive with our global peers,” Mr Penkethman stated.

A headshot of a person in a industry suit.

Alliance Nickel CEO Paul Kopejtka stated the incentives would boost funding.(Equipped: Alliance Nickel)

Paul Kopejtka, from Alliance Nickel, which was creating the $1.2 billion NiWest nickel-cobalt project shut to Leonora, stated the incentives would attract abroad investors.

“It is an absolute shot in the arm because it will most likely per chance boost funding. There is now not any query,” he stated.

“It doesn’t in actuality wait on the most up-to-the-minute nickel operations in WA, but I deem what the federal authorities are focused on are those future important minerals projects.”

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