Jim Chalmers says offshore gas tax revenue rises more than expected
Updated
Updated · ABC News · May 10
Jim Chalmers says offshore gas tax revenue rises more than expected
4 articles · Updated · ABC News · May 10
Ahead of Tuesday's federal budget, he said petroleum resource rent tax receipts beat forecasts of A$1.5bn this financial year after raising A$1.42bn in 2024-25.
Chalmers rejected calls for a broader 25% gas export tax, citing existing PRRT changes and a new east coast gas reservation policy focused on fuel supply.
The budget will also target housing, with expected changes to negative gearing and capital gains tax, plus A$2bn for enabling infrastructure to unlock 65,000 homes.
Why target property investors’ tax breaks while rejecting a multi-billion-dollar windfall tax on offshore gas giants?
Will overhauling property tax finally make housing affordable, or will it simply punish investors and drive up rents?