The proposal would end subsidies for the coal mining, oil, and gas hydrocarbon industries.

• Component 1: Abolish fuel tax credit payments for all industries except agriculture.
• Component 2: Abolish accelerated asset depreciation for the coal mining, oil and gas industries as well as for aircraft and motor vehicles (except for agricultural and zero-emission vehicles). Accelerated depreciation for assets purchased before the policy commences would be grandfathered.
• Component 3: Abolish immediate deductions for exploration and prospecting expenses in the coal mining, oil and gas industries.

The proposal would start on 1 July 2025.