The proposal has four components.

Component 1 – Abolish the fuel tax credit for all industries except agricultural businesses.

Component 2 – Abolish accelerated asset depreciation for aircraft, the oil and gas industry, and motor vehicles (except for those used for agricultural purposes).

Component 3 – Abolish the immediate deduction for exploration and prospecting expenses for the mining industry, including the Mining Exploration Development Incentive.

Component 4 – Abolish the Australia‐China Science and Research Fund.

The proposal would have effect from 1 July 2019.