Academic says petroleum resource rent tax not working as intended for gas, depriving the public of a fair return
The federal government could gain revenue of US$4.8bn ($6.4 bn) from Chevron’s Gorgon gas project between now and 2030 if it made offshore gas projects subject to a royalties regime, according to research from a Monash University academic.
The Turnbull government is contemplating measures to boost the revenue it collects from offshore oil and gas projects after collections under the petroleum resource rent tax plunged after 2012-13, and crude oil excise collections fell by more than half.
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