Treasurer Rejects Green’s Call to Double Offshore Gas Tax

Australian Treasurer Jim Chalmers speaks to the media during a press conference to announce the newly appointed RBA governor at Parliament House in Canberra, Australia, on July 14, 2023. AAP Image/Lukas Coch

Australian Treasurer Jim Chalmers has rejected the crossbench’s offer to support the government’s petroleum resource rent tax (PRRT) reform if they agreed to more than double the tax revenue.

The tax changes, which were announced in the budget, will limit deductible expenses to 90 percent. This is expected to raise $2.4 billion (US$1.61 billion) from offshore LNG (liquified natural gas) companies.