A tax rise on gas producers’ profits looms as soon as the May federal budget.
A tax rise on the soaring profits of gas producers looms as soon as the May federal budget, as the energy industry braces for the Albanese government to raise billions of extra dollars from the petroleum resource rent tax.
The plan to raise more revenue from record oil and gas profits comes as the government hunts for money to pay forfor household energy bills and other spending pressures from disability, defence, aged care, health and interest payments. The timing of any changes remains unclear, but the May 9 budget is shaping as a likely trigger point.The October budget forecast the PRRT to raise $2.6 billion in 2022-23 and a little over $2 billion annually in subsequent years.
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