27 March 2017
t’s ludicrous to say there is a gas crisis in Australia when we are set to overtake Qatar to become the world’s biggest gas producer. Australia has plenty of gas to meet our needs and the world has three times as much fossil fuel reserves that can be used to keep global temperature rises below 2C.
The PRRT was designed to capture 40% of the profits companies earn from selling our oil and gas, yet in 2013-14, it earned just 5% of the $29.5bn oil and gas companies earned from those resources because of the overly generous tax credits. And the tax take is falling.