Taxing the gas industry fairly won’t make companies leave Australia; Norway didn’t kill its oil and gas industry when it raised their taxes. In fact, it has flourished in the five decades since then.
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In the 2023-24 financial year, the gas company Santos Limited had its tenth straight year of making zero corporate tax payments. Over the ten years to 2023-24, Australian nurses paid $52 billion in tax.
The Australian Government is getting less money from our gas exports than Japan is. How can this be?
If anything, the more generous a country is to foreigners, the more it usually provides for its own people.
Labor has announced a new gas reservation policy that will require energy giants to set aside 20 per cent of exports for the east-coast domestic market from July next year. With the announcement of this policy, the Albanese government has been accused of “caving” to the gas lobby and offering a “half-baked” solution to avoid mounting pressure for a 25 per cent export tax.
Rumour has it that the Labor Government might close a huge tax loophole that rich people have been using for years to avoid paying tax. Apparently, they will create a minimum tax rate of 30% for trusts. Don’t know what a trust is? Don’t worry, you’re not alone - read on.
Resources Minister Madeleine King recently scored some headlines with her comment to Radio National Breakfast, that free gas “is clearly an absurd proposition. And to be frank, I'm mystified as to how they get away with such tosh.” Except, the claims aren't "tosh" at all.
