Good morning,

Major miners and investors have toasted a $15bn cash splash for hydrogen production and critical minerals processing, a major stimulus push the Albanese government hopes will unlock $50bn in private spending to further turbocharge the sector. 

Inflation has gone from the greatest challenge of our time to an afterthought in Jim Chalmers’ big spending, nation building budget, putting him on a collision course with RBA governor Michele Bullock.

Anglo American will sell, spin off, slow or shutter everything in its portfolio other than its copper and iron ore interests, in a sweeping restructure. However, it's unlikely to deter suitor BHP which has had its latest sweetened takeover bid knocked back.

Five things to know this morning

1. ASX to rise amid budget focus. Wall Street higher as Fed Reserve chair Jerome Powell maintains wait and watch stance after hot producer inflation data.
2. After six decades of business on the east coast, multibillionaire Harry Triguboff says he will stop developing as many apartments given the difficulty in selling them thanks to high interest rates which are sitting at 6 to 7 per cent for homeowners.
3. Star inquiry head Adam Bell, SC, says it's unclear what reforms the troubled gaming group was undertaking in order to retain its Sydney casino licence, noting a promised “reset” of remediation plans were more than a year behind schedule.
4. There are 10 budget measures every investor should get to know for the year ahead; self-funded retirees are finally getting something thanks to an extension of the freeze on deeming rates.
5. An increasing number of Australian businesses are being driven to business rescue programs to save their companies as the Australian Taxation Office seeks to claw back tax debt.