Increase the Petroleum Resource Rent Tax
Australians are missing out on a fair share of revenue while fossil fuel companies are making record profits and worsening the climate crisis.
The fact is the Australian government collects more money from students paying HECS than it does from gas companies paying the Petroleum Resource Rent Tax (PRRT).
The Petroleum Resource Rent Tax is broken.
Australia Institute research shows that increasing the PRRT will raise billions of dollars in revenue that can be spent on essential public services and help Australia deal with the costs and impacts of the climate crisis, driven by Australia's massive fossil gas export industry.
The Parliament of Australia needs to urgently increase the Petroleum Resource Rent Tax.
Increasing the PRRT is necessary to ensure the Australian people get a fair share of the windfall profits from our own natural resources.
The PRRT is a tax on super-profits, sometimes called “resource rents”, made by multinational oil and gas companies operating in Australia.
These are profits well above the returns that could ordinarily be expected and result from global price increases rather than any change in productivity by the companies themselves.
The tax has extensive loopholes due to an extremely complex design that allows oil and gas producers to minimise— or avoid paying it altogether.
Proposed changes to the PRRT, limiting the extent to which gas companies can reduce their liabilities, are so incremental they were actually welcomed by the industry.
The Parliament of Australia needs to urgently increase the Petroleum Resource Rent Tax.
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To the Parliament of Australia --
Australians are missing out on a fair share of revenue while fossil fuel companies are making record profits and worsening the climate crisis.
Failures and loopholes mean the Petroleum Resource Rent Tax is failing to collect reasonable levels of tax revenue from fossil fuel companies.
Current proposed changes to the PRRT, limiting the extent to which gas companies can reduce their liabilities, are so incremental they were actually welcomed by the industry.
The Parliament of Australia needs to act.
Repairing and increasing the PRRT is necessary to address this imbalance and ensure the Australian people get a fair share of the windfall profits from our own natural resources.
Australia Institute research shows that strengthening this tax will raise billions of dollars for essential public services and provide support as we deal with the increasing impacts of the climate crisis.
We urge you to amend and increase the Petroleum Resource Rent Tax to ensure it delivers for all Australians.
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