Billions of dollars lost on LNG boom

CQ NEWS
Declan Cooley
28 November 2016

AUSTRALIA is at risk of blowing the LNG boom.

A recent analysis of International Monetary Fund data revealed Australia took the wooden spoon when it came to extracting royalty payments from energy giants.

In research released by the International Transport Workers' Federation, it found that "all other top LNG exporters secure more than double the share of government revenues as a percentage of oil and gas production compared with Australia."

"The PRRT is not a royalty payment but a profit-based tax. While the tax rate is set 40% it is not forecast to collect any revenues on LNG production for decades. Effectively this means that Australia's offshore oil and gas is being given away for free."

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