29 November 2016
Labor and the Greens plan to use a formal parliamentary inquiry to investigate Australia’s royalty regime for oil and gas companies, following a damning report.
The Australian National Audit Office released a report on Monday that found “significant shortcomings” with the way in which royalties are levied on offshore petroleum operations from the North West Shelf (NWS) off Western Australia.
Labor says it will now push to have the existing corporate tax avoidance inquiry include public hearings into the petroleum resource rent tax (PRRT) and commonwealth royalty regime, to cover royalties paid by the NWS project.
The Greens say they want to establish a separate inquiry to focus specifically on the revelations from the ANAO report.
The Tax Justice Network says either proposal would be a positive step.