18th Mar 2024, 1:16 PM – Representatives Treasury Laws Amendment (Tax Accountability and Fairness) Bill 2023 - Second Reading - Gas profits

The majority voted against an amendment to an original amendment introduced by Hume MP Angus Taylor (Liberal). This amendment was introduced by Melbourne MP Adam Bandt (Greens).

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”.