Budget 2024: Why Andrew Forrest is a big winner from Treasurer Jim Chalmers’ budget

Andrew Forrest’s big wins arrived in the form of tax incentives that will boost both his publicly listed giant Fortescue Metals Group and private interests.As the Treasurer has been saying for months, every taxpayer, from Forrest down, will benefit from the previously announced stage three tax cuts that kick in on July 1.But Forrest’s really big wins arrived in the form of tax incentives that will boost both his publicly listed giant Fortescue Metals Group and private interests.

The critical minerals processing package will take two years to design and get in place, meaning nickel and lithium miners struggling right now to survive in an environment of low prices won’t get instant relief. Resources Minister Madeleine King will continue talks with BHP about what support may be able to be provided to the mining giant’s ailing Nickel West operation.

But on Tuesday night the government also announced another $500 million to build batteries in Australia. It also promised the Australian Renewable Energy Agency $3.2 billion over the next decade to support net-zero commercialisation projects, including a new $1.7 billion Future Made in Innovation Fund, which will specialise in green metals, batteries and low-carbon fuels. That’s on top of the $1.9 billion ARENA already has to play with.

Secondly, the FMIA policy’s narrow focus means there’s very little in this budget for vast swaths of the business sector. Perhaps Chalmers’ focus on the resources and energy sectors in FMIA is understandable, given his budget surplus is built in no small part on Australia’s mining sector reaping the benefit of strong commodity prices.

Source: News Formal (newsformal.com)

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