I’m not sure I heard this right. Did the Australia Institute just say Australia exported 22 years’ worth of gas for free?
Are they arguing for what Rex Connor argued 50 years ago that it is time to ‘buy back the farm’?
- According to Australian government estimates, in the past four years Australia exported around A$149 billion worth of liquified natural gas (LNG) without paying royalties to the public — meaning producers paid zero royalties on that gas.
- More than half of Australia’s exported gas has been subject to no royalties at all, and many LNG export projects have not paid any federal Petroleum Resource Rent Tax (PRRT) — the tax meant to capture “super profits” from extracting government-owned resources.
- Based on Federal Treasury and commodity forecasts, they project another similar amount of LNG may be exported royalty-free by 2030.
New Australia Institute analysis shows that over the past five years, the Australian government has allowed the export of enough gas to supply Australia for more than 20 years.
The report, released today, comes at a time when Australians are paying record gas prices and constantly being told they face gas shortages.
These excessive gas exports continue to deplete Australia’s gas reserves, sending Australia’s low-cost gas overseas, leaving only more difficult to access, environmentally-damaging, high-cost gas for Australians.
For more information:
https://australiainsti…
Speakers:
Mark Ogge, Principal Advisor, Australia Institute
David Pocock, Senator for the ACT
Nicolette Boele, Independent MP for Bradfield
Sophie Scamps, Independent MP for Mackellar
Geoff Crittenden, CEO, Weld Australia
John Blackburn, Former Deputy Chief of the Royal Australian Air Force
#auspol