‘Staggering’: $90 billion lost in resources tax

What Abbot’s “No Mining Tax” has cost us

An Oxford University expert says Australia would be $90 billion better off if it adopted European-style resource tax policies and argues the Turnbull government has given up on collecting a meaningful amount of revenue from some of its most valuable resources.

In one of a suite of new submissions to a Senate inquiry, Oxford Institute for Energy Studies academic Juan Carlos Boué warned unless Australia “radically overhauled its fiscal regime” it would have the second lowest share of government revenue from oil and gas in the world.

Australia is on track to eclipse Qatar as the largest exporter of gas by 2020, but is expected to only earn $600 million in 2018 – the same amount of revenue the government earns in beer tax every year – compared to Qatar’s $26.6 billion.

via ‘Staggering’: $90 billion lost in resources tax