Treasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus
Labor will cap deductions to collect $2.4bn more in petroleum resource rent tax over four years and boost community services by $4bn through fairer indexation of wage costs.
The two major measures were announced by the treasurer, Jim Chalmers, and finance minister, Katy Gallagher, ahead of Tuesday’s budget, whichUnder the changes to the PRRT, which have been under consideration since 2019, the Albanese government will accept a recommendation from Treasury to limit the proportion of PRRT assessable income that can be offset by deductions to 90%.
In a statement Chalmers said this “will ensure a greater return to taxpayers from the offshore LNG industry, while limiting impacts on investment incentives and risks to future supply”. “The changes announced today will support the Albanese government’s budget repair efforts, fund the delivery of vital services that Australians rely on, and help build a stronger, fairer and more resilient economy.”In all, the government will implement eight of the 11 recommendations of Treasury’s gas transfer pricing review and eight of the Callaghan review, which the Morrison government accepted but did not implement.
The PRRT change is one of four “modest but meaningful” revenue-raising measures in the budget, including the multinational tax crackdown, details of which will be revealed on Tuesday, the
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