AUST today (extract): TAX ON GAS COMPANIES FOCUS OF POTENTIAL...

AUST today (extract):
TAX ON GAS COMPANIES FOCUS OF POTENTIAL PARLIAMENT SHOWDOWN

A political showdown over the government’s push to increase taxes on gas companies is set to go before parliament this week, as Anthony Albanese spruiks Australia’s critical minerals future, including its ability to unlock jobs and economic opportunities.
With Labor’s changes to the petroleum resource rent tax set to be debated in the lower house this sitting fortnight, the Prime Minister said it was more important than ever for the nation to be build self-reliance in a period of global economic uncertainty.
In an exclusive op-ed for The Australian, Mr Albanese talked up the government’s investment in critical minerals after Labor announced it would underwrite almost $1.1bn in loans and grants to build a rare earths mine and refinery in the Northern Territory.
“Extracting and exporting resources has always been a great strength of the Australian economy. In this new era of critical minerals, we must look to add new value and create new jobs by boosting our processing and manufacturing capabilities,” he writes.
“By tapping into some of the largest critical minerals deposits on Earth, we open the door to creating the crucial technologies needed to underpin not only the energy sector, but also national security and medicine.”
As Mr Albanese emphasises the importance of Australia becoming a renewable energy super power, pressure is building on the Coalition over its position on Labor’s gas tax change.
Jim Chalmers is urging Peter Dutton to support the government’s PRRT changes after he unveiled changes to help fast-track approvals for major projects in a bid to secure Coalition support.
Labor is hoping to secure opposition support for its legislation to toughen the PRRT, which is aimed at raising an extra $2.4bn over four years. The Greens have said they want to double the revenue from Labor’s PRRT shake-up and raise an extra $5.6bn from LNG producers over the decade or they will vote against the government’s legislation in the Senate.
The Treasurer said Labor’s changes were about the offshore LNG industry “paying more tax sooner, to help pay for the services and infrastructure that Australians need and deserve like Medicare, schools, roads and hospitals”.
“I’ve also written to the opposition to assure them that some of the changes to approvals processes they are seeking to negotiate are already occurring on their own merits,” Dr Chalmers said.
“Our PRRT package is backed by the industry and should be backed by the Coalition as well.”