Fuel tax rebates exceed cost of transition to renewables
More than $57b in fuel tax rebates have been banked by Australia’s mining companies since FY07 and according to a new analysis, this will exceed $84b by 2030. According to the Climate Energy Finance (CEF) analysis, the Fuel Tax Credit (FTC) has cost taxpayers $122.7b in total, and its primary beneficiaries include mining, agriculture and transport, with mining receiving nearly half of the total sum. BHP (ASX: BHP) was FY24’s largest FTC beneficiary, garnering a $627m rebate. Rio Tinto (ASX: RIO) received $416m, and Glencore received $364m. CEF recommends a substantial reform of the existing scheme, capping Australia’s FTC at $50mpa per company with credits exceeding the cap retained only if reinvested into phasing out diesel. An analysis by Fortescue…