$2.4b gas tax rise must be the last, APPEA says

Phillip Coorey, John Kehoe and Angela Macdonald-Smith

May 7, 2023 – 5.22pm

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The oil and gas sector has accepted the $2.4 billion increase to the Petroleum Resources Rent Tax over the next four years on the proviso it ends the pursuit of the industry for more revenue.

Two other options canvassed by Treasury could have raised between $13.3 billion and $21.9 billion from five major offshore gas projects over 10 years to 2033-34, under a $US92-a-barrel “high price” oil scenario.

Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.