Windfall fossil fuel profits: time to fix loopholes and subsidies to serve Australians better

We have released a new report,?Windfall profits: time to fix loopholes and subsidies to serve Australians better,?that finds by fixing existing loopholes in our tax regime and?royalties from fossil fuel firms, $322bn?could be added to the budget bottom line over the next decade. Key recommendations include:

1. Capping fossil fuel rebate, which would raise $4-$5b?annually
2. Getting multinationals to pay tax: Our corporate tax system for multinationals has allowed 埃克森美孚 to book $71bn of revenues over the last 7 years and pay precisely zero corporate tax in Australia. Peabody Energy booked $24bn of Australian revenues and paid zero Australian corporate tax. This is simply wrong.
3. Fixing the failed PRRT.?The Petroleum Rent Resources Tax (PRRT) generated a record low $900m in FY2021 and continues to deliver just a 3-4% royalty on offshore oil & gas for Australia. This is despite $11bn being spent in fossil fuel subsidies in 2021/22.
4. An Export Gas Levy: Despite East Australia gas production trebling since 2014, Australians are being smashed by gas cartel gouging. A new export only East Australia gas levy would immediately provide the price signal to prioritise domestic use and would bring in much needed Federal revenue whilst immediately reducing both gas and electricity prices in our domestic market by the full extent of the export levy.