The government introduced legislation almost a year ago, to streamline approvals and apply new environmental standards to big oil and gas and mining projects.
This week the resources industry called on the parliament to pass the changes to the act before it went on its winter break.
The proposed amendments have sailed through the House of Representatives and will go before the Senate today where it will face a heated battle.
Today is the last sitting date for the Senate until August 3. If the bill is thwarted by Labor and the Greens, it is unlikely changes to the act will be made before the next election, which could be held as early as this year. Technically it could be called as early as August 7.
It just so happens Labor and the Greens have managed to gain a majority in the Senate with the help of independents, blocking some government legislation this week.
Both Labor and the Greens have been outspoken opponents to the changes of the EPBC Act, so there is a very real possibility the amendments could fail.
The Minerals Council of Australia has turned to lobbying senators to pass the legislation as it is.
MCA chief executive Tania Constable acknowledged there was a risk the reforms could languish if the Senate did not approve the bills.
"The time is right to start the reforms journey," Constable said.
"As Australia recovers from COVID-19, creating more resources jobs more quickly to support economic growth and regional communities while boosting environmental protection is a clear path to a stronger Australia."
She noted there would be "greater confidence" for miners and investors if the bills passed.
The Senate has six other bills to consider on its last day of sitting.
Changes to the EPBC Act are long overdue - a stance taken by both environmentalists and industry.
An independent review of the act completed last year found that without a substantial overhaul, industry would suffer major delays worth billions, while ecosystems could face extinction.
The government's amendments aim to create a "one touch" regime to fast-track mining approvals and allocate an additional $12 million to the Department of Agriculture, Water and the Environment which oversees applications.
They will also give states greater power over the approval of projects and create a federal environmental standards process.
The bill also establishes an Environment Assurance Commissioner role.