BHP chair says Australia must compete harder for global investments

In a recent address at BHP's annual general meeting, Ross McEwan, the chair of the mining giant, urged Australia to intensify its efforts in attracting global investments. McEwan highlighted the tax incentives and business-friendly measures implemented by other nations, such as Canada, as crucial examples for Australia to emulate. He emphasized that Australia must compete for capital both nationally and in every state to remain competitive.

Canada recently introduced a "Productivity Mega Deduction," which allows businesses to immediately deduct the full cost of eligible capital investments. Additionally, Canada permits miners to fully deduct mine development costs in the year they are incurred. McEwan believes such policies can significantly lower the tax burden on new investments, enhance returns, and instill greater confidence among companies to invest.

He described Canada's approach as a tangible illustration of how government policies can boost productivity and draw investments, thereby creating jobs, incomes, and tax revenue.

Moreover, McEwan pointed out that similar strategies can be observed in other countries where BHP has investments, including Argentina and Chile. He reiterated that Australia should closely examine these examples to bolster its own appeal to global investors.