SMM

The Australian government plans to invest 5.23 billion Australian dollars to support local battery manufacturers in improving their value chain position. The strategy includes investing 0.203 billion Australian dollars in building future battery capabilities and enhancing national collaboration. Additionally, a fund of 17 billion Australian dollars will be created to support innovation and commercialization projects in key areas such as clean energy technologies. There will also be tax incentives provided for the production of key minerals in Australia, with a support of 7 billion Australian dollars to offset processing costs. Funds will be allocated to the Australian Renewable Energy Agency (ARENA) for the next 10 years starting from the 2027-28 fiscal year. Furthermore, investments will be made in developing clean energy workforce over the next five years, with 0.91 billion Australian dollars earmarked for this purpose. Other initiatives include enhancing mineral trade, supporting community battery projects with 2.243 billion Australian dollars, and collaborating with the Queensland government to invest up to 1 billion Australian dollars in building battery manufacturing parks.