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Oil Mining Resources, Political

First Nations Consultation Protected, Gas Industry Still Winners From Flawed PRRT

The Australia Institute < 1 mins read

Media release | 16 May 2024

The Labor Government and Australian Greens working together to remove a deeply flawed schedule from the Offshore Petroleum and Greenhouse Gas Storage Legislation Amendment (Safety and Other Measures) Bill represents a small victory for the community, however the need to fix the Petroleum Resource Rent Tax (PRRT) collect more revenue remains.

The schedule removed today would have allowed the Resources Minister to create new rules for offshore gas that weakened consultation requirements with First Nations people and the wider community. The agreement was reached to secure passage of the Bill.

“Blocking the Resources Minister’s attempt to circumvent Australia’s environment laws and consultation with First Nations people is welcome. However, this deal is a missed opportunity to raise more money from the oil and gas industry, get better fuel efficiency standards and fix Australia’s broken environment laws,” said Dr Richard Denniss, Executive Director of the Australia Institute.

“For too long, Australia’s resources ministers have put the profits of the gas industry ahead of the Australian national interest. Preventing the minister from setting the rules for offshore gas is a necessary move.

“Giving First Nations people a bigger say in development on their lands and waters is an important step, but it’s time that our parliament started to take the need to tax the gas industry seriously.

“Revenue from the Petroleum Resource Rent Tax was revised down in Tuesday’s budget. Australia Institute analysis shows that simple changes to the PRRT could generate $18 billion over the forward estimates.”

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