30 November 2016
The Turnbull government has announced a formal review of the petroleum resource rent tax regime, following a rapid decline in revenues from the tax.
It follows months of disquiet about the effectiveness of the tax and warnings from the Tax Justice Network that Australia is set to blow another resources boom because the tax is failing to collect adequate revenue from the explosion in liquefied natural gas exports.
Michael Callaghan, a former Treasury official and former chief of staff to Peter Costello, will lead the inquiry. A report will be due by April 2017, with recommendations for reform.