BHP chair says Australia must compete harder for global investments

BHP

Thu 24:31

       Oct 22 (Reuters) - In order to better compete for global
investments, Australia must pay close attention to tax
incentives and business-friendly measures offered in countries
such as Canada, BHP  BHP.AX  Chair Ross McEwan said on Thursday.
    Speaking at the miner's annual general meeting, McEwan said,
"Make no mistake, Australia must compete for capital if it wants
to win – nationally, and in every state."
    He said Canada had recently announced a "Productivity Mega
Deduction", allowing businesses to immediately deduct the full
cost of eligible capital investments.
    Canada also allows miners to fully deduct mine development
costs in the year they are incurred, he added.
    Such measures lower the tax burden on new investments,
improve returns and give companies more confidence to commit
capital, McEwan said, describing Canada's approach as a
practical example of how government policy could help boost
productivity and attract investments. That in turn creates jobs,
incomes and tax revenue, he added.
    He said similar examples could be found in other countries
where BHP invests, including Argentina and Chile.
    "Australia should pay close attention to that." 

    (Reporting by Shivangi Lahiri in Bengaluru; Editing by Diti
Pujara)
 ((Shivangi.Lahiri@thomsonreuters.com;))