125 billion worth of liquefied natural gas (LNG) has been shipped out of Gladstone, but 9 out of 10 companies involved in Queensland gas exports have paid zero company tax in this time, according to the latest data from the Australian Taxation Office (ATO).
Despite the huge volume of gas being extracted, domestic gas prices have increased significantly, pushed up by excessive gas exports.
Key points:
- $125 billion in LNG has been sold out of Queensland over the last ten years, by companies that reported $330 billion in total Australian revenue to the ATO.
- The only company involved in Queensland LNG exports to have paid tax in the last ten years is Australia's Origin Energy, which paid a total of $966 million, not all of which relates to LNG.
- None of the foreign-owned companies involved have paid company tax on Queensland LNG exports.
"The gas industry's annual conference is in Brisbane this week and they will be at pains to avoid talking about tax," said Greg Jericho, Chief Economist at The Australia Institute.
"None of the foreign-owned giant gas corporations like ConocoPhillips or Total, that export gas out of Queensland, have paid a cent in company tax.
"The burning of gas and other fossil fuels is driving disasters like the floods in NSW.
"Gas companies are cashing in while Australian communities are picking up the costs.
"Australian policy settings on energy and tax are out of whack. No new fossil fuel projects should be going ahead, and far more money should be raised from the existing projects to help pay for the rising costs of climate-linked disasters.
"Expanding fossil fuel production in the age of climate change is bad enough, but adding insult to injury, by linking eastern Australia's gas supplies to world markets, the exports have pushed up gas prices for Australian consumers and businesses."
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