Australia politics live: infrastructure projects to lose funding in major review after $33bn blowout

The Albanese government will today reveal which projects get the chop, which survive, and which get extra money. Follow the day’s news live

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The government will today introduce legislation to reform the petroleum resource rent tax (PRRT) to deliver a fairer return to the country from natural resources.

The bill limits the proportion of PRRT assessable income that can be offset by deductions to 90% from 1 July 2023.

The independent review found the Infrastructure Investment Program we inherited could not be delivered. With the co-operation of the states and territories we now have a forward plan of projects that are properly planned and targeted to unlock significant economic, social and environmental objectives.

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