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The poor economics of green hydrogen have resulted in widespread project cancellations across Australia and globally, including in China.
According to the Australian Financial Review, “more than 130 projects linked to hydrogen have received federal taxpayer money going back to 2017, according to the government’s grants register. While many pre-date this government, easily the largest came after the 2023 budget frenzy”.
In March 2025, The Australian newspaper reported that 99% of the announced hydrogen capacity remained at the concept stage.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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