PRRT Review Final Report - Thoughts

My summary of the PRRT Review Final Report:

• Most of the recommendations for existing projects appear to be concessionary. They focus on reducing compliance burden and, taken together with allowance for partial shutdown costs, means the report is reasonably favourable to industry for existing projects. 
• For new projects there seems to be an acknowledgement that uplift rates/transferability needs to be tweaked to give community more confidence in PRRT.
• 40% rate is given all clear.
• In the discussion of gas transfer pricing, public disclosure of arrangements are rejected and there is an offhand comment that taxation point could be moved to later point for integrated LNG projects, but no recommendation is made.
• An additional consultation period will be run until the end of August, and Treasury shall have until the end of September to report back to Government.

These thoughts are not endorsed by my employer.