Australia's largest stock trading and investment forum Australia's #1 stock forum

The Abbott Government got elected in 2013 with a policy of...

First 36 Last

Share
Profile

Follow
moorookamick

23,927 Posts.

770

09/06/25

23:32

Post #: 79369672
Share

Originally posted by bellcurve: ↑

Oh dear, Labor's greenlighting of the extension of the majority foreign-owned North West Shelf LNG project is but the latest episode in federal corrupt mismanagement of the gas export industry.

many countries use their resource endowment for nation building projects such as free tertiary education, but not 'The Lucky Country'.

Australia gives away 60% of its gas exports royalty-free to mostly foreign-owned exporters. Australia collects more revenue from tertiary education student fees than from gas exports.

to compound the shamelessly hypocritical sellout of the national interest to multinationals, Labor runs a strong domestic program to curb greenhouse gas emissions aimed at making the party electorally palatable despite being a major global source of carbon emissions.

Federal govt revenue on gas exports is tied closely to the PRRT, recent reform of which hasn't delivered, as set out in an article published thursday on the ABC News app.

extracts below from this news report underscore the utter failure of federal Labor to properly manage its respinsibilities.

ABC NEWS:

"The tax on oil and gas profits is expected to raise $4 billion less than the government forecasted when it first announced a rework of the tax in 2023.

"Last year Treasurer Jim Chalmers amended the Petroleum Resource Rent Tax, which applies to offshore petroleum projects including the recently extended North West Shelf, in a measure the government said would raise an additional $2.4 billion over the four years from the 2023 financial year.

"Mr Chalmers said the changes would mean "offshore LNG industry pays more tax, sooner".

"In that year's budget the forecast was that $10.8 billion would be raised over those four years — but the federal budget handed down just days before the (May) election was called reveals the government now expects to raise just $6.3 billion over that same period.

"It is also now forecasted to raise less each year than what was expected before the government's plans to rework the PRRT."

------

"independent senator David Pocock said the government had picked the weakest option put forward by Treasury, and now that appeared to be failing to deliver.

""This is an absolute rort," Senator Pocock said.

""In the last parliament Labor looked at PRRT, they had a range of options, and they went with the very weakest one and got that through with the Greens.

""We are now getting less for our gas and still not a single cent of PRRT from offshore LNG, we are the second biggest exporter in the world, it is a total scam on Australians."

------

"The amount raised from the PRRT fluctuates with oil prices, and revenue raised in previous years has closely followed price fluctuations.

"The high-water mark for tax paid through the PRRT was just under $2 billion in 2021-22, which the Australian Tax Office said reflected increased profitability due to higher oil prices caused by Russia's invasion of Ukraine in that year.

"But despite the government expecting to raise significantly more than that in the years since, it has not done so and is no longer projecting it will do so."

Expand

The Abbott Government got elected in 2013 with a policy of repealing Labor's
Resource Rent Tax which it did early 2014. As such the Aus electorate shot itself
in the foot as it did in 1995 when it dumped Geoff who proposed "buying back the Farm"

IMO we are easily hoodwinked by big business who seem to have untoward
influence on Government via Lobbying/Political Donations.
2 Upvote

Reply

Top Stories

RML

Resolution's dual-listing to 'expedite growth' – and sets stage for NASDAQ foray

Week 24 Wrap: WW3 looms (again); US econ data tepid & silver surfing

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Zip's stunning comeback: Is this the start of a $14 revival?

CUV

Clinuvel shares dip, even as CEO comes back from temp leave

MEG

Iberian expansion: Megado turns to Europe with Spanish copper mines

Gold, Brent Crude spike as Israel strikes Iran in worst-case scenario

ASX

ASX Ltd notches upward on sale of company meant to fix CHESS 3 years ago

AVM

'Sure to be busy': Advance's Yuquivo drilling gets off to top start with first-hole hits

HotCopper Highlights, Week 24: Israel boosts Energy; Meeka eyes production & Mag7 back

First 36 Last