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Independent senator David Pocock used a February Senate estimates hearing to highlight how lightly Australia taxes offshore gas, pointing out that beer excise now raises more revenue than the Petroleum Resource Rent Tax (PRRT).
Pocock asked Treasury officials whether it was “accurate to say that the tax on offshore gas exports — PRRT — is still giving us less revenue than the tax on beer?”
Treasury Deputy Secretary Dr Shane Johnson confirmed the comparison:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.