This time last year, I moved a private members' motion calling on the government to increase Australia's international competitiveness for new energy industries, specifically with production tax credits. I'd been worried that Australia was not acting fast enough nor decisively enough to take advantage of the global transition to green energy. Coming from WA, I wanted to make sure that we are harnessing every opportunity to transition swiftly and profitably. The government later announced the Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024, which the Leader of the Opposition immediately attacked, calling the production tax credits 'billions for billionaires,' displaying a sad lack of awareness about the opportunity for WA to continue to carry the country economically into a decarbonised world. This objection from the opposition was despite investors, climate finance experts and industry, including the Chamber of Minerals and Energy WA, supporting this bill. It was typical; opposition for the sake of opposition, rather than on its merits. Even the leader of the WA Liberal Party came out in support. This is because production tax credits, when designed correctly, make good sense for the economy. Here I am, 12 months later, rising once again to speak on production tax credits, and this time I call on the opposition to support the legislation that will mean we can actually get the production tax credit scheme off the ground. Can we please stop politicking and just get this done?

We all know that a stable investment environment is essential if we want to attract investment that we need to unleash our next wave of future prosperity. Companies are actively looking to develop and grow their renewable operations in Australia, but they need tangible confirmation of Australia's energy transition vision. We need to give investors the confidence and certainty that Australia will welcome and incentivise the new energy opportunities currently knocking on the door.

Production tax credits are a proven economic tool that have been used prolifically under the US Inflation Reduction Act. While the future of the US IRA is no longer certain under a Trump presidency, the enthusiastic uptake of clean energy production tax credits under the IRA up until now does at least show us that investors are motivated by this credit.

The Association of Mining and Exploration Companies, the Chamber of Minerals and Energy of Western Australia and the Minerals Council of Australia have all given evidence to a parliamentary committee supporting this bill. Rebecca Tomkinson of CMEWA has talked about the need for this bill to level the playing field in an intensely competitive global market. She said:

Passage of the legislation would set an important investment signal for further value adding activities and provide certainty to industry.

Production tax credits are a great way for government to derisk new investments. Instead of money paid upfront for something that may or may not turn into something tangible, production tax credits are payable only when a company delivers, so taxpayers are paying for results, not attempts. This helps with building a business case in a new industry, derisking the sort of forward-looking investment that we need.

I really want WA to benefit from the global transition to green energy. If the government wants to be on the right side of history, it needs to be creating policy settings like this that derisk and crowd in private investment. We have so many resources that are essential for the transition. Critical minerals like lithium, nickel, cobalt, silicon and rare earth elements are essential components in many rapidly growing clean energy technologies. They're critical because they can't be easily or cost-effectively substituted. WA accounts for around half of global lithium production and is a major exporter of nickel, cobalt, manganese and rare earth elements. We have a skilled workforce and access to export routes. We should be leading on critical mineral production. The world wants this stuff, and WA can provide it.

However, we're at risk of being left behind as other countries get the jump on us in transforming their economies. We have the opportunity to be well positioned for global trade in a decarbonised world, but if we're too complacent about it we will miss out. It's essential that we accelerate opportunities in WA's critical minerals sector and capitalise now on the position that critical and battery minerals will play in decarbonising the global economy. I urge members from across the House to have a bit of vision and support WA by getting behind production tax credits so we can make the most of the opportunities ahead and continue to carry the country economically.