Earlier efforts to reform carried interest taxation had stalled, before US Senator Joe Manchin announced on Wednesday that he and Senate Majority Leader Chuck Schumer had worked out a deal.
The Defense Production Act will be used to create a new domestic solar panel manufacturing industry, while temporary measures will allow imports from Southeast Asia.
To be precise, it’s more the tax relief that accompanies the government’s ‘energy profits levy’ that encourages more oil and gas production rather than clean energy investment.
The Australian government’s willingness to undercut the Chinese-owned asset by funding upgraded port facilities nearby shows a lack of joined-up thinking.