The Australian Labor Party's victory in the recent parliamentary election is set to have a significant impact on the development of low-carbon iron and aluminium sectors in the country. The victory brings more certainty to Australia's A$14bn green hydrogen subsidy scheme, supporting steel producers in transitioning towards hydrogen-powered steel furnaces. This move comes in contrast to the opposition Coalition's pledge to scrap the programme, which offers incentives for producers to adopt green hydrogen production. Projects by Australian steelmaker NeoSmelt and South Korean steelmaker Posco in Western Australia are focusing on electric iron smelters that initially use natural gas but are open to transitioning to hydrogen-based processing as hydrogen production increases. The importance of hydrogen tax credits is highlighted as Australia faces challenges in hydrogen production. Additionally, Labor's win enables the implementation of a A$2bn plan for low-emissions aluminium production credits starting in 2028-29, aiming to support the government's renewable energy targets. The credits will be based on Scope 2 emission reductions, benefitting aluminium producers in the country. Furthermore, Labor's commitment includes a A$1bn fund for lower-emission iron support, with half allocated for transitioning the Whyalla steelworks into a green steel plant and the remaining half for new and existing green iron and steel ventures. This move aligns with Australia's ambition to double the share of renewable power by 2030. Overall, Labor's victory is seen as a positive step towards fostering a green economy and supporting the manufacturing sector in Australia.