Forrest breaks with big miners to push for tax credit overhaul
Fortescue Metals will launch a fresh campaign to get the Albanese government to wind back the fuel tax rebate that big miners use to claim back millions of dollars a year, or change it to push the companies towards greater decarbonisation efforts.
The Andrew Forrest-founded mining giant is lobbying key government figures to reform the diesel credit system and had been preparing to use the support of crossbench MPs to add pressure on the government.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
18 minutes ago
- Sydney Morning Herald
‘We have a mandate to act': PM throws open doors to bolder agenda
Prime Minister Anthony Albanese has thrown open the doors to a more daring economic reform agenda, convening a summit later this year to kickstart Australia's stuttering economy. As he set guard rails for his upcoming negotiation with US President Donald Trump on tariffs, Albanese revealed he would bring union and business bosses together in August to chart a path to a more prosperous society after years of flatlining living standards and productivity. The government did not speak of the roundtable before its election win, the size of which has spurred calls from economists, think tanks and some MPs for Labor to consider broader reform to tackle issues such as reducing the reliance on income taxes. 'The commitments the Australian people voted for in May are the foundation of our mandate, they are not the limits of our responsibilities or our vision,' Albanese said in his first major speech since his generational 94-seat win. 'We want to build the broadest possible base of support for further economic reform … Our government has secured a mandate to act.' Loading Holding the economic summit, as Labor did in its first term on industrial relations policy, could hand Albanese and Treasurer Jim Chalmers more authority to pursue bolder policies than those it took to the election. Chalmers has been emphasising the productivity problem since the election, while Housing Minister Clare O'Neil and assistant minister for productivity Andrew Leigh have both recently taken aim at red tape, suggesting a new focus on growth after facing criticism for allegedly over-regulating and over-spending last term. Labor ministers have stressed their policies on childcare, school funding, green energy and housing were already ambitious, but they have faced calls to examine major issues such as the GST, property taxes and the company tax rate.
The Age
18 minutes ago
- The Age
‘We have a mandate to act': PM throws open doors to bolder agenda
Prime Minister Anthony Albanese has thrown open the doors to a more daring economic reform agenda, convening a summit later this year to kickstart Australia's stuttering economy. As he set guard rails for his upcoming negotiation with US President Donald Trump on tariffs, Albanese revealed he would bring union and business bosses together in August to chart a path to a more prosperous society after years of flatlining living standards and productivity. The government did not speak of the roundtable before its election win, the size of which has spurred calls from economists, think tanks and some MPs for Labor to consider broader reform to tackle issues such as reducing the reliance on income taxes. 'The commitments the Australian people voted for in May are the foundation of our mandate, they are not the limits of our responsibilities or our vision,' Albanese said in his first major speech since his generational 94-seat win. 'We want to build the broadest possible base of support for further economic reform … Our government has secured a mandate to act.' Loading Holding the economic summit, as Labor did in its first term on industrial relations policy, could hand Albanese and Treasurer Jim Chalmers more authority to pursue bolder policies than those it took to the election. Chalmers has been emphasising the productivity problem since the election, while Housing Minister Clare O'Neil and assistant minister for productivity Andrew Leigh have both recently taken aim at red tape, suggesting a new focus on growth after facing criticism for allegedly over-regulating and over-spending last term. Labor ministers have stressed their policies on childcare, school funding, green energy and housing were already ambitious, but they have faced calls to examine major issues such as the GST, property taxes and the company tax rate.
The Age
3 hours ago
- The Age
Average Australian home value passes record $1 million
The value of an average Australian home has soared through the $1 million mark for the first time despite a slowdown in growth as the Albanese government fights to contain the housing affordability crisis. Fresh figures released by the Australian Bureau of Statistics on Tuesday showed the average Australian home was worth $1,002,500 in the March quarter, up $6900 from the last three months of 2024. The total value of the country's $11.4 trillion residential housing market climbed $131 billion – or 1.2 per cent – in the first three months of the year. All states and territories recorded growth in the March quarter, but the annual growth rate slowed to 5.9 per cent, down from 9.5 per cent at the same time last year. It came as the number of residential homes grew to 11.3 million, up 53,400 from the December quarter. The Albanese government, which swept into its second term on an overwhelming majority, has promised to improve housing affordability. However, its own independent adviser, the National Housing Supply and Affordability Council, warned that the Labor government's National Housing Accord was set to fall 262,000 short of its 1.2 million target for new homes by the end of the decade. Prime Minister Anthony Albanese, speaking at the National Press Club on Tuesday, said a key barrier to affordable housing was red tape. 'One of the things that we have to do is to make it easier,' he said. 'Developers say that it's just too complex [and it] adds to costs as well.'
