Parliament set to investigate failed petroleum tax
The Australian Parliament is set to investigate the failure of the PRRT as well as the royalty regime for the North West Shelf project, following a campaign by the Tax Justice Network.
The Sydney Morning Herald reports that the Labor Party and Greens "were separately moving on Tuesday to establish a formal investigation into rent taxes and royalties collected from the $200 billion-plus offshore gas sector." [source]
The Tax Justice Network Australia has been calling for an inquiry for the past year, and recently stepped up its campaign with additional reports, lobbying, and a large community petition that collected over 17,000 signatures.
The Tax Justice Network gave its blessing to the prospect of either inquiry.
In the coming months we will be working hard to identify and campaign for robust reforms that will ensure that all Australians receive a fair share of the revenue from the extraction of our finite natural resources.