Quivering Albo protects gas “super profits”

Fark. Come on, Albo:

Prime Minister Anthony Albanese has ruled out adopting a so-called super profits tax on oil and gas producers to cover power price hikes as he flags additional measures to help ease cost of living pain.

Albanese has told ABC AM he’s not tempted to follow the UK and adopt a similar measure in Australia.

“No, we won’t be going down that track. What we will be doing is identifying how we can make a practical difference in addition to the announcements that we made during the election campaign about cost of living,” the prime minister said.

He blamed rising power prices approved by the Australian Energy Regulator on nine years of “policy chaos” under the Coalition, and spruiked Labor’s plans to invest in renewables and upgrade electricity transmission.

“We’ve had a neglect of the ageing grid. Our plan is to put downward pressure on prices by boosting renewables and storage in the grid,” Albanese said.

“We need to tackle cost of living. The good news is that our climate change plan will put downward pressure on prices at the same time as it creates jobs and economic activity.”

Quite right. There’s no need for a “super profits tax”. But there is a need for a tax. Any tax:

New analysis of data published by the Australian Tax Office (ATO) shows that five of the gas industry’s most prominent companies have paid no income tax for at least the past seven years, despite a combined income from their Australian operations of $138 billion.

Four of the five members of the Australian Petroleum Production & Exploration Association (APPEA) (Arrow Energy, Australia-Pacific LNG, Chevron and ExxonMobil) that haven’t paid any income tax are foreign owned resulting in all profits heading straight offshore…

Gas company income tax

Key Findings:

  • In a 2012 APPEA claimed Queensland coal seam gas LNG companies would have paid around $11.2 billion in federal income tax by 2020. They have paid almost none.
  • In 2015 Chevron estimated it would have paid around $4 billion in “direct taxations and royalties” by 2020. It has paid no income tax or resource tax over that period.
  • In 2013 Shell claimed that its Prelude floating LNG project would pay $12 billion in taxes over the life of the project. Shell has since acknowledged it will never pay PRRT has paid no income tax since 2015.
  • An eighth company, Australian company Santos, paid just $6 million income tax on $28.9 billion of income, and paid no income tax from 2015 to 2018 and 2020.
  • A thorough overhaul of taxation of the oil and gas industry in Australia is long overdue.

Just as pressing is the need to trigger the Australian Domestic Gas Reservation Mechanism (ADGSM) to stop the phenomenal energy price shock with the stroke of a pen.

It appears we are going to be governed by an intellectually feeble weakling who is easily manipulated by “gotcha moments”.

Houses and Holes
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Comments

      • TheLambKingMEMBER

        Albo has been PM for 5 days now and has not formed a cabinet and has not announced who will be the minster for mining. But yep, still all Labor’s fault.

        • Based on Alb’s words in AFR it’s quite clear that he’s not planning any meaningful action on this matter.
          Still cut him some slack?

          • TheLambKingMEMBER

            Yeh, because a new minister can get appointed, learn about the portfolio, get advice, then change direction!

            FFS – 5 days. 1 person cannot be across every every single thing that has not been the LNP job for the last 9 years.

            But this will be the MSM and most of the other media until the next election to ensure the LNP get back in.

        • He has been in parliament for 26 years. He should be across it, and have a pretty good idea what the policy should be by now.

    • LNP lite.
      They were captured by the Liberals in the campaign to promise “No new Taxes” and “no carbon taxes” for 3 years.(or ever)
      Not going to risk getting a massive advertising campaign in week 1 by the mining/gas companies like the Mining Tax campaign of the Rudd /Gillard govenrments. .

  1. I think you will find that “our climate change plan” will be the Albanese Government’s answer to many a diverse policy question. Even when it has got nothing to do with the question.

  2. 5 days in and we have the LNP with a promise to be polite and a diversity label pin.

    lmfao….

    • +1
      To his credit, he didn’t promise to deliver anything else.
      Captured as anyone before him.

  3. The PRRT is a stupid scheme, which the mining super profit tax was a copy of. It should be scrapped and replaced with royalties like the states have.

  4. Ruddy hell, they’ve been in power for less than 5 days!

    Give them a chance. Ripping into a new government traditionally starts at the 100 day mark.

    They haven’t had enough time to change the names on the doors yet.

  5. With the Conservative party in UK having just implemented a super profits tax, it’s the perfect time, he can use that to fight off Libs criticisms!

  6. happy valleyMEMBER

    “It appears we are going to be governed by an intellectually feeble weakling who is easily manipulated by “gotcha moments”.

    Sadly, he’ll see lots of businesses and families go the wall over power prices.

  7. Rudd was rolled by the mining industry for his tax stance. Much better for Albo and friends to stand in parliament and give Keating like speeches on Angus Taylor and the behaviour of the big Gas extractors. A good two months of slamming, then bring them to the table, and tell them to be good corporate citizens or else. Something like the global market taxes gas exports at this rate, and i hear you say their is nothing you can do on the price here in australia due to the global market….The trick is not end-up hockeying the sector with a general ‘fuck-ya wouldn’t wanna be ya’ ala the Car industry. Hockey did get a better job though, certainly from our point of view.