LNG: Why tax lost to gas bonanza is not small beer

SYDNEY MORNING HERALD
Heath Aston
17 November 2015

Australia's mining boom has been read the last rites and its coffin is being lowered into an open-cut pit somewhere. But when it comes to liquefied natural gas, the boom has only just begun.

About $200 billion in investments across five major gas projects will come online by 2018.

And yet a tax that is supposed to steer some of the vast wealth being tapped off our coastline to the public purse remains anchored at less than $1.5 billion a year – what one former ATO official describes as a "Mickey Mouse tax".

When it comes to multibillion-dollar resources projects, the picture is always complicated, but consider this: by 2018, LNG will be worth $60 billion and eclipse iron ore as our biggest single export. The public's slice, via the PRRT, will be $1.4 billion.

> Read more: http://www.theage.com.au/federal-politics/political-opinion/lng-why-tax-lost-to-gas-bonanza-is-not-small-beer-20151113-gkyj71.html