Mojo ♻️Aussies are stunned: Treasury just confirmed we’ll rake in $2.7B from beer excise in 2025-26… but only $1.5B from PRRT on our massive offshore gas exports. We’re one of the world’s biggest LNG exporters, yet multinational gas giants pay less tax than punters pay on a slab.
This is broken. Gas companies dodge super-profits tax with endless deductions while everyday drinkers get slugged. Time to fix PRRT, slap on real royalties or a flat export tax, and build a proper sovereign wealth fund for future generations—not corporate handouts.
Why are we taxing beer harder than billion-dollar gas rip-offs? Tax the extractors, not the exhausted.
#PRRT #GasTax #ResourceRent #AustraliaInstitute #TaxJustice #EndCorporateWelfare
This PRRT mess? Blame the Howard Coalition gov. In 2004 they gifted gas giants a 150% uplift on exploration deductions—letting them rack up massive carry-forward credits that wipe out super-profits tax for decades. Result: LNG boom, but zero/few royalties + minimal PRRT while we export billions.
Hawke/Keating set PRRT up fairly in '87; Howard handed multinationals the keys to dodge it. Time to reverse the corporate welfare & tax our resources properly—like Norway does.
Y2ky Jelly@mojo Thank you John ****ing Howard
Kevin RussellTurn it off. Turn it off.
Havyhh2
it's B! Cavello 🐝@mojo I would think that it would make sense to tax fossil fuel extraction ESPECIALLY HIGH because it's much harder to outsource/move an industry that is inextricably linked to particular parts of the earth. (Not to mention it is a greenhouse gas contributor...)
the gripe ibis@mojo i am not sure why, this has always been us.
AdamThanks for the link. (BTW link shorteners don't save you characters on Mastodon, its the same as posting original links.)
Shame that News Corp Australia forces you to turn off ad blockers before they let you read articles, they wanted me to add the site to the allowed list for ad blockers, pop up blockers, and script blockers!
@adamsaidsomething
It's wild they ran this story at all—very unusual for Murdoch press to spotlight the corporate welfare gift their poster-child PM John Howard handed gas giants in 2004 (150% exploration uplifts that let multinationals dodge PRRT for decades). No mention of Howard in the piece, surprise surprise.
Murdoch himself has skin in the fossil fuel game (e.g., stake in Genie Oil & Gas, News Corp buying oil price intel services). No wonder his outlets rarely critique the LNP's big mining handouts. I usually avoid linking Murdoch media
Tax the extractors properly!
Wulfy—Speaker to the machinesForeign investors call #Australia "Treasure island"
Because we give away our public wealth practically for free.