The Albanese Government is reforming the Petroleum Resource Rent Tax (PRRT) to deliver a fairer return to the Australian community from their natural resources.
These changes mean the offshore LNG industry pays more tax, sooner, provide industry and investors policy certainty to allow the sufficient supply of domestic gas, and ensure Australia remains a reliable international energy supplier and investment partner.
The new PRRT Regulations, registered today, respond to recommendations from the Treasury Gas Transfer Pricing Review by modernising the rules to cover the new business model of tolling and increasing the integrity of the rules.
The Government's PRRT reforms are expected to increase tax receipts by $2.4 billion over the forward estimates from 2023-24.
The Government will continue to monitor the operational aspects of the PRRT and address any integrity issues that emerge.
Consultation on exposure draft legislation to implement outstanding recommendations of the Callaghan Review will occur in due course.
The Albanese Government is committed to working with our international trade and investment partners on energy security and providing greater policy certainty for investors.
These reforms will support the Albanese Government's budget repair efforts, fund the delivery of vital services that Australians rely on, and help build a stronger, fairer and more resilient economy.
