Gas giants still PRRTying while the planet burns

The Greens have responded to reports that the government’s planned changes to the Petroleum Resource Rent Tax will increase revenue by only $3B over the next four years.

Comments from Greens Treasury spokesperson, Senator Nick McKim:

“Labor’s changes to the PRRT look like they have been designed by the gas industry.”

“Labor is still raising more from student debt increases than they are from gas giants.”

“Under Labor’s minimalist reforms, the increase in student debt will still be higher than the total PRRT.”

“The Greens have proposed a comprehensive overhaul of the PRRT that would collect almost ten times as much additional revenue than Labor’s fiddling at the margins.”

“By introducing a baseline 10% royalty, wiping out accumulated deductions and applying a conventional depreciation schedule to PRRT expenses, the Greens plans would net an additional $29B over the next four years and an additional $94B over the decade.”

Comments from Greens spokesperson for Resources and First Nations, and Yamatji Noongar woman, Senator Dorinda Cox:

“We all heard Woodside’s Meg O’Neill warn the government about tax ‘overreach’ during her Press Club address, but Jim Chalmers must have pretty short arms if this is considered overreach.”

“Australian taxpayers expect transparency and integrity in parliament not the insidiousness of state capture becoming standard practice.”

“These fossil fuel companies need to pay their fair share, so the government can properly invest in housing, healthcare, and take real action on the climate crisis that these companies are accelerating.”

“Considering there’s $284B in unclaimed tax deductions that gas giants have accumulated under the PRRT, the Treasurer prying only $3 billion from them is a pitiful drop in the ocean.”

“You know the PRRT is utterly broken when Woodside and Santos are set to record massive profits in the next financial year.” 

“How much longer will the Albanese Government continue to allow mining companies to take resources that don’t belong to them, for free, and sell them off for unimaginably large profits, when the money raised from PRRT could address the cost of living crisis impacting everyday Australians?”