18th Mar 2024, 1:10 PM – Representatives Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 - Second Reading - Gas companies

The majority voted against an amendment to another amendment introduced by Melbourne MP Adam Bandt (Greens). The amendment was introduced by Warringah MP Zali Steggall (Independent).

Amendment text

That all words after “acknowledging” be omitted with a view to substituting the following words:

“the role of gas companies in influencing the drafting of this bill, the House declines to give the bill a second reading as it is of the opinion that:

(1) the bill should:

(a) adopt an 80 per cent deductions cap for the Petroleum Resource Rent Tax, lowered from the current 90 per cent, which would double the amount of revenue subject to the 40 per cent Petroleum Resource Rent Tax for that year and remain consistent with Treasury advice provided to the Government; and

(b) abolish the seven-year exemption to the deductions cap which supports the development of new oil and gas projects and is contrary to the Government’s claim to be committed to the Paris Agreement and keeping global warming below two degrees; and

(2) the Government must stop presenting omnibus bills of this nature to the House combining complex, disparate policy issues that require greater interrogation and consideration than is currently allowed for whilst also undermining the Government’s own credibility to present a clear, coherent policy programme”.

Bandt's amendment text

That all words after “whilst” be omitted with a view to substituting the following words:

“acknowledging 15 gas companies signed non-disclosure agreements when preparing Schedule 5 of this bill for the Government, the House:

(1) notes the billions of dollars in climate damage that the gas industry has already inflicted through turbocharged bushfires, floods and a 23 per cent reduction in agricultural profits, representing $29,200 in losses per Australian farm ; and

(2) acknowledges that the Australian Taxation Office has labelled the gas industry as ‘systemic non-payers of tax’; and

(3) notes that the Parliamentary Budget Office has costed the potential revenue from repairing the Petroleum Resource Rent Tax at $94.5 billion over the decade; and

(4) resolves that gas companies earning super profits from war should no longer avoid payment of super profits taxes; and

(5) calls on the Government to amend the bill to ensure a minimum doubling of revenue from the Government's proposed changes to the gas super profits tax”.