"I understand why Morrison does what he does.
The Australian economy, jobs and budget is reliant on the fossil fuel industry.
Its purely about money."
That almost sounds like noble intent. Its about protecting established players, in large part benefitting foreign interests.According to data from the Australian Taxation Office, Telstra paid $1.6 billion in tax in 2016/17. Its revenue of $26.9 billion was similar to that produced by the oil and gas industry but they paid just $81 million in tax.
“Australia is literally giving away its natural wealth,” IEEFA gas analyst Bruce Robertson said.
“There is so much that can be done to fix this situation. All it requires is a small amount of
political will.”
While the amount of federal corporate tax that oil and gas companies is relatively small, they are also expected to pay extra state royalties and the royalty-like Federal Petroleum Resource Rent Tax (PRRT). However, even here Australians are missing out.
In 2017, The West Australian reported that the Japanese oil company Inpex would export $195 billion worth of liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate from Darwin over 30 years.
However, analysis commissioned by the company revealed no PRRT would be paid by its Ichthys LNG project, even after 30 years."
https://www.news.com.au/finance/business/mining/tax-and-royalty-systems-for-australias-gas-and-oil-industries-need-reform-experts-argue/news-story/a900c328f1a01bf4e3aee8b867138262
