When Twiggy Forrest was named among the 2023 federal budget “winners and losers” it should have rung alarm bells. The mining billionaire was described as a “winner” because Jim Chalmers had unveiled a new $2 billion fund for hydrogen projects. Forrest is – or rather was – the gas’ biggest booster.

His Fortescue officially announced last week it would end plans for its Queensland hydrogen electrolyser (and another project in Arizona). And so federal Industry Minister Tim Ayers flagged that the government wanted to claw back the $49.44 million in taxpayer money it gave Fortescue for the plant at Gladstone. To his credit, Twiggy is suggesting his plan was always to give some, or most, of it back.