The proposal has 6 components that would end subsidies for the coal mining, oil and gas industries.

• Component 1 would abolish fuel tax credits (FTCs) for all industries except agriculture.
• Component 2 would 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).
• Component 3 would abolish immediate deductions for exploration and prospecting expenses in the coal mining, oil, and gas industries.
• Component 4 would withdraw all government payments to oil refineries.
• Component 5 would withdraw all government payments to the Beetaloo Gas Basin and any other budget measures associated with funding a ‘gas-fired recovery’ in Australia.
• Component 6 would:
  • a) reverse the $300 million allocated to projects in Darwin under the Energy Security and Regional Development Plan
  • b) reverse the $50.3 million allocated to gas pipelines under the National Gas Infrastructure Plan
  • c) reverse the funding allocated to the five gas projects under the Underwriting New Generation Investments Program.

The proposal would commence from 1 July 2022.