The Smart Energy Council is calling time on tax dodging oil and gas gougers that are again reaping record revenues from global conflict.
Smart Energy Council acting CEO David McElrea said that as Australians brace themselves for a potential interest rate rise, foreign multi-nationals are cashing in on the latest war.
“The oil and gas industry is profiting from war in the Middle East,” Mr McElrea said.
“It’s time to properly tax gas. Tax their war profits now.”
Australia is one of the top three world gas exporters, yet we allow two-thirds of it to be sent offshore tax-free.
“That’s why the Australian Taxation Office has said the oil and gas sector contains firms who are ‘systematic non-payers of tax’. That’s a national disgrace,” Mr McElrea said.
“In the first year of Russian President Vladimir Putin’s war against Ukraine, Australia’s gas industry banked a $40B profit, and paid $1.5B in taxes.”
“The latest conflict in the Middle East means they stand to make windfall profits again from war, with little for the Australian people who own the gas they’re selling.”
“With the cost of living going up because of the war, Australians are entitled to some relief through their tax system.”
In 2023, Qatar exported $83B worth of gas and collected $38B in export royalties. The same year, Australia exported $86B worth of gas while collecting only $1.9B from the Petroleum Rent Resources Tax (PRRT).
“The PRRT is failing, just the way the gas industry wants it,” Mr McElrea said.
“Uni students, nurses and beer drinkers all pay more tax than the gas gougers do, that’s how broken our system is.”
The Smart Energy Council calls on the federal government to close the loophole that allows oil and gas cartels to make windfall profits during times of peace, and war.
Media contact: Tim Lamacraft – tim@smartenergy.org.au – 0448 972 192
