Greens propose tycoon tax policy to end resources sector tax breaks

The Greens announced their tax policy for the upcoming Federal election which would end tax breaks for corporations undertaking offshore gas extraction in Commonwealth waters.

The proposed policy was announced by Greens leader Adam Bandt in Karratha on April 20 to target tax credits held by oil and gas corporations.

It was costed by the Parliamentary Budget Office and is expected to return at least $92.3 billion to the budget over 10 years, bringing the total revenue raised by super profits taxes to $430b.

Mr Bandt said the party would make big gas corporations pay their fair share of tax to help get dental into Medicare.

“In just one year, 27 big gas corporations brought in $77b in income but paid no tax,” he said.

“When a nurse pays more tax than a multinational, something is seriously wrong.

Mr Bandt said WA residents currently contribute more tax through car registrations than the multi-billion-dollar gas industry pays for gas.

“No other business gets their raw materials for free, but Woodside, Chevron and Exxon get free gas from this tax rort and then make obscene profits that they send offshore,” he said.

However, a statement released by Woodside in December said the company had paid more than $10b in Australian taxes and royalties.

The statement said in 2020, Woodside paid $473 million in Australian corporate income tax and a further $234m in other taxes and royalties.

Mr Bandt said Woodside as an Australian company pays company tax but was not paying Federal Commonwealth tax.