Australians get few benefits from fossil fuel exports.
- High levels of foreign ownership mean most of the profits from fossil fuel exports from Australia go to foreign owners of global energy giants exporting Australia’s resources.
- Big Gas gets more than half the gas they export from Australia for free.
- Australian Treasury revealed that as of 2023, no gas export project had ever paid petroleum resource rent tax (PRRT), the main tax on the oil and gas industry, which has been in place for nearly40 years.
- Gas export companies often pay little if any company tax. For instance,
- Santos have Santos Limited has racked up a 10th straight year of zero corporate tax payments from a total of nearly $47 billion in sales.
- Inpex operated Ichthys LNG Pty Ltd pays no royalties, effectively getting the gas it exports for free, has never paid PRRT, and paid zero corporate tax for the 6th year running, from a total of $43 billion in sales.
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i mean technically we are, the iran war has increased petrol prices by a third, maybe soon even more!
