2023-08-22
The Greens say they will not be cowed by Labor’s desperate attempts to pass their weak gas tax unamended, and will move amendments when the PRRT is introduced into Parliament.
Labor’s weak Petroleum Resources Rent Tax has been written by the gas corporations, who are desperate for it to be passed unamended.
A decent super-profits tax on energy giants would raise $94b over the decade, according to the PBO, yet Labor’s weak changes see them raising more from increasing student debt than from the changes to the gas tax.
The Greens have gained crossbench support for an amendment to Labor’s PRRT changes that would double the amount it would raise, as independently costed by the PBO. Under the proposal, the cap would limit deductible expenditure to the value of 80% of each taxpayer’s PRRT assessable receipts.
With the Greens establishing this crossbench bloc, there are two possible pathways for the bill through the Senate:
- If Labor agrees to the Greens change, which would double the amount of tax that gas corporations are unable to offset through deductions, the gas tax would raise an additional $2.9 billion over the forward estimates
- If Labor agrees to the Liberals’ terms of ripping up environmental protections in order to secure Coalition support, a weak gas tax will pass with Liberal and Labor doing the gas corporations’ bidding.
Lines attributable to Leader of the Australian Greens, Adam Bandt MP:
“Labor needs to stop licking the boots of the big gas giants and start making big corporations pay their fair share of tax," Mr Bandt said.
“Labor is already ignoring its national conference, lining up to pass a weak gas tax written by the big corporations.
“The numbers are there to pass a stronger gas tax through Parliament. Labor must rule out doing a dirty deal with the Liberals to further weaken environment laws and instead work with the Greens and the crossbench.
“Big gas corporations are making obscene record profits and it’s time they paid their fair share of tax.
“By making big corporations pay more tax, we can address the cost of living crisis by getting dental into Medicare, funding a rent freeze and wiping student debt.”
Lines attributable to Australian Greens Economic Justice spokesperson, Senator Nick McKim:
“Labor’s got to make the call. Do they want to take our weak environmental protections backwards, or make gas companies pay more tax?” Senator McKim said.
“The Greens aren’t about to wave through Labor’s weak changes to the gas tax that were co-written by the industry itself. These massive gas corporations have been making money hand over fist - profiting off a dictator’s war overseas, while people stuck with gas heating have been left in the cold as they try to avoid massive power bills.
“Labor loves to cry poor when it comes to raising people out of poverty, building more public housing, or putting dental health into Medicare - but when they have a chance to raise taxes on the companies that can most afford it, they keep squibbing it. Now’s their chance to right that wrong.”