Jim Chalmers has flagged a type of business investment allowance to drive capital towards green energy and advanced manufacturing projects.
to drive capital towards green energy and advanced manufacturing, as he says the government’s “made in Australia” plan is not primarily about subsidies.from the Productivity Commission, the Treasurer also confirmed he would revamp foreign investment rules to cut red tape for investors with a proven track record, such as pension funds.
“The budget will also have a very big focus on how we attract and deploy and absorb private sector investment as well in the service of these really important national economic objectives,” he told the ABC’s“We are prepared to consider the tax system as one of a whole range of levers that may be useful.”
During the COVID-19 pandemic, the Morrison government introduced a temporary scheme under which 100 per cent could be written off in the first year. Productivity Commission chairwoman Danielle Wood led criticism of the proposal, arguing that without an exit strategy the plan could risk creating a new generation of subsidy-dependent businesses.
“Danielle Wood made some important points, but some obvious points about making sure we get value for money,” he said.
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