Oil and gas companies must pay fair share of windfall profits: Rod Sims | Dana_Adele
Former competition tsar Professor Rod Sims says multinational oil and gas companies must share massive windfalls from high prices driven up by the Ukraine war as the Albanese government prepares the ground for tax reforms.
Australia’s oil and gas exporters will on Monday release industry forecasts showing they expect to nearly triple the amount paid into public coffers to almost $14 billion this financial year, and argue they already contribute enough.
“These are enormous projects they’re dealing with so, of course, the dollars are going to be large – but it’s the tax rate that’s key and how much return they are getting, particularly at this time when they are making very large amounts of money,” Sims said. Chalmers said his October budget would contain “the beginnings of our multinational tax policy” but that he did not expect overall Commonwealth tax revenue to exceed 23.9 per cent of GDP, the Coalition’s cap, although the numbers were still being finalised.
Energy giant Chevron revealed last month that it was bracing for a 25-fold increase in its Australian tax bill this year to about $3.7 billion after finally exhausting all its tax deductions, even thoughts its Western Australian LNG ventures were years away from paying the petroleum resource rent tax.
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