A new Gas Giveaway Tracker, unveiled today by The Australia Institute, shows the revenue that is being lost, in real time, while the government does not implement a 25% gas export tax.
Key points:
- Every day the government delays implementing a 25% gas export tax cost the budget $49.8 million
- That equates to $348.9m per week.
- By delaying a gas export tax, the Albanese government has already missed out on an estimated $68 billion since July 2022.
- That is enough to have funded free childcare or free university and TAFE for all Australians over the same period.
"The longer we delay implementing a gas export tax, and the longer the government defends the failed PRRT, the more it is costing the Australian people," said Dr Richard Denniss, co-CEO at The Australia Institute.
"As our gas giveaway tracker shows, every day of delay cost tens of millions of dollars in lost revenue.
"Right now, gas companies get most of the gas they export from Australia for free, thanks to government giveaways.
"Implementing a flat 25% tax on gas exports would ensure that the Australian people got a fair return for their resources.
"Australia Institute research shows voters across the political spectrum, from One Nation to the Greens, overwhelmingly support a 25% tax on gas exports.
"Properly taxing our gas exports could raise $17 billion every year to help pay for Australian schools and hospitals."
