Glenn Sterle (WA, Australian Labor Party) Share this | Hansard source

Oh my goodness me. I'll withdraw. Oh, gee whiz—okay. Well, 'It gives me great pleasure to speak in support of this legislation'—seriously. Colleagues, this is a bill that will deliver a sustainable future for our resources sector. This legislation delivers on the announcement made as part of the budget last year. The Albanese Labor government's last budget delivered the most significant initiatives for the future of Australia's resources in a generation. This included a 10 per cent reduction tax incentive to drive critical minerals processing in Australia, at an estimated value of $17 billion over the next 14 years. These new production tax incentives are aimed at unlocking private sector investment to build a stronger, more diversified and more resilient economy. They are designed to ensure that local workers, industries and communities around Australia, particularly in my home state of Western Australia that I am so proud of, are the beneficiaries of more investment in resources and jobs.

When this legislation is passed, industry will be eligible for a 10 per cent production tax credit to incentivise critical minerals processing right here in Australia. These tax credits are designed to reward success, as the credits will be paid only once a company has processed or refined critical minerals in Australia. These production tax credits for critical minerals present a zero-risk approach for Australia. In fact, they will support 19 projects in the electorate of Durack—Durack, Senator Reynolds—in north-west Western Australia, 19 project that will ensure the north-west's vital role in delivering critical minerals for our domestic industries and our export industries. I fully support this bill. It's about time you got on board, too.