According to federal Resources Minister Madeleine King, there will be no more tinkering with taxes on the offshore gas industry.
King will tell an industry conference on May 16 that changes announced in the federal budget “bring to a close” the review of the Petroleum Resource Rent Tax (PRRT) begun by Scott Morrison when he was treasurer.
The cap on tax deductions on offshore projects in Australian waters will raise an extra $2.4 billion over the next four years, which critics say is too modest considering gas company profits have tripled.
More than 2000 delegates are in Adelaide for the largest oil and gas conference in the southern hemisphere as governments try to balance producer demands and cost of living pressures….