Why does Australia need a 25% gas export tax?
- A 25% gas export tax, first proposed by the Australian Council of Trade Unions, would raise an estimated $17 billion a year in revenue.
- Australia Institute research has found that over half (56%) of gas exported from Australia attracts zero royalty payments, effectively giving a public resource to multinational gas corporations for free.
- Gas exports worth over $170 billion paid zero royalties and little Petroleum Resource Rent Tax from 2021 to 2024.
- Australians pay nearly $4bn more each year in HECS/HELP repayments than the oil and gas industry pays in Petroleum Resource Rent Tax.
- Australian nurses pay more tax than the gas industry.
- Farmers pay more in company and personal income tax than the oil and gas industry pays in Petroleum Resource Rent Tax.
- Nurses paid more income tax than the PRRT and company tax paid by the oil and gas industry (from 2014-15 to 2023-24). The same is also true for teachers.