What is the PRRT?

The Petroleum Resource Rent Tax is broken.
The fact is the Australian government collects more money from students paying HECS than it does from gas companies paying the PRRT.
Digital Content Producer Elinor Johnston-Leek explains.
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[@MikeKing-cj9cx]

I have signed the partition but I do not see why the govt does not do anything about this by default?! Likewise with the subsides to the fossil fuel companies, does the govt seriously need the public to sign partitions pointing out the injustice.

[@pmcamacho6447]

Thanks for continuing to provide analysis with integrity Australia Institute

[@tomglenn485]

Just a small niggle, could you guy's please do a shot of the book shelves so I can read the tiltles... cheers blokes luv the work.

[@TheAusInstitute]

Add your name to the open letter calling for an increase in the PRRT! nb.australiainstitute.org.au/increase_the_prrt

[@serena-yu]

There was an error with your petition page. It stays on "Saving..." forever and emits browser errors.

[@TheAusInstitute]

@@serena-yu I just signed myself and it worked for me, maybe try again a bit later or refresh your browser? Thank you for your support either way :)

[@dodgygoose3054]

I really hope you guys put all this all on Tick tock ... (In Millennial terms) PS this presenter is brilliant, intelligent is great but intelligent & beautiful is perfect for media.

[@Neil-yg5gm]

""The fossil fuel industry lobby, the Australian Petroleum Production and Exploration Association (APPEA), estimates the gas sector will pay nearly $14 billion to state and federal governments in the 2022-23 financial year.

[@pmcamacho6447]

​@@Neil-yg5gmand the federal and state governments subsides their activities by how much?

[@Neil-yg5gm]

@@pmcamacho6447 ""and the federal and state governments subsides their activities by how much?"" Don't know, you tell me. And i would not trust you or the AI.

[@dodgygoose3054]

@@Neil-yg5gm which is way less than what the Saudis receive from exporting less... Australians are getting ripped off... Corporation's are laughing at us all the way to the bank.

[@jinnantonix4570]

@@pmcamacho6447 the AI claims that FF subsidies are $11B pa, but that has long been debunked. The liquid fuel excise rebate is not a subsidy.

[@RedFrog_191]

Why won’t the government do this? I don’t understand why they don’t :(

[@australiansausage2727]

As Mr Crabs once said 'Money'

[@RedFrog_191]

@@australiansausage2727 but wouldn’t the government make more money from taxing these companies

[@benrose2695]

In my view the PRRT is a crock and impossible to make fair in the short to medium term. I think the answer is to add a modest resource levy like for any other mineral - every cubic metre extracted is charged a levy. On Australia' s 2022 gas production of 150 billion cubic metres, a levy of 2c/ cu m would raise about $3 billion in revenue. This would be less than 5% of value at $12 per GJ (0.47c/ cu m).

[@gerardbiddle1808]

💥💥💥💥💥👍👏🌹

[@pmcamacho6447]

@Neil-yg5gm I'd trust the Australia Institute before I'd trust you or the APPEA.

[@Wayne-ig1il]

Australia people are getting ripped off

[@darthex0]

Agree? Nationalise!

[@Neil-yg5gm]

Firstly you want to get rid of gas. Coal as well. And secondly you are wrong ""The fossil fuel industry lobby, the Australian Petroleum Production and Exploration Association (APPEA), estimates the gas sector will pay nearly $14 billion to state and federal governments in the 2022-23 financial year.

[@a0th1ef15]

Good.

[@pmcamacho6447]

I'd trust the Australia Institute before I'd trust you or the APPEA.

[@strikeforce448]

Neil. Why do you believe the lobby group whose sole purpose is to maximise profits and minimise taxes for the fossil fuel industry over a public think tank that advocates for public policy that benefits consumers and citizens over tax avoiding multinationals that pay a lower tax rate than you on ever increasing profits from our finite resources?

[@Markyeef]

At least at 2019, the gas sector was generating approx. $60b AUD in revenue annually, which should have generated Aus about $12b AUD in PRRT, however that year the gas sector paid just under $1b AUD in PRRT, around $960m... APPEA estimates the gas sector 'should' pay around $14b in 22-23 financial year as the sector is generating approx. $70b in revenue, however, as explained in this video, it's unlikely that we will see anywhere close to that.

[@Neil-yg5gm]

@@Markyeef I am not knowledgeable in this field but they pay Company tax as well. But also this. They would have large deductions ""APPEA head Samantha McCulloch said the industry was on track to recover the $300 billion it has invested in gas projects since 2010.

[@Wayne-ig1il]

🦞Not for the marine life.seismic blasting kills recruitment up to 1’2kms from blast that goes off every 10 seconds 24 hours a day for months on end 🐙🐬🐳🦑🐢🐠🦀