Budget 2024: Peter Dutton slams tax cuts for billionaires

as “tax cuts for billionaires”, vowing to repeal them if elected, putting it on a collision course with the bosses of Australia’s lithium and rare earths companies.for years for subsidies to produce clean hydrogen, would be better off with better fundamentals such as cheap energy, faster approvals and less regulated workplaces.Alex Ellinghausen

The measures are likely to pass parliament because the Greens and Senator David Pocock have indicated in-principle support. “With significant global momentum towards net zero emissions, Australia is now competing for capital, technologies, and skilled workers, and we need ambitious government support, incentives and policy certainty to ensure we lock in the potential for future economic growth,” chief executive Rob Wheals said.

Liontown boss Tony Ottaviano said the targeted measures in the budget showed “strong intent” to grow the critical minerals sector. They will not qualify for tax credits unless they invest in turning lithium into battery chemical products onshore.

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