Gas industry claims debunked Tax payment claims in context War in Ukraine has seen oil and gas export revenue out of Australia increase from $40 billion in 2020-21 to $107 billion in 2022-23. [...] Rod Campbell, May 2024 Oil and gas lobby group Australian Energy Producers (AEP) has published a media release claiming “record” government payments, with “industry expected to pay $17.1 billion in taxes in 2023-24”.1 This briefing note provides context for the AEP claim, and makes other criticisms such as the conflation of royalties and taxes and the unreliability of lobby group data. [...] AEP members exported $107 billion worth of oil and gas in 2022-23, $87 billion in 2021-22, and are forecast to bring in $73 billion in 2023-24.2 Prior to the Ukraine war, oil and gas export revenue was $40 billion in 2020-21. [...] Previous Australia Institute research estimated that the war resulted in up to $40 billion of additional, unearned oil and gas industry profits each year.3 Taxing such “windfall” 1 AEP (2024) Australian oil and gas sector delivers record contribution to government revenues in 2023-24, . [...] CONFLATING ROYALTIES AND TAXES AEP’s $17.1 billion figure consists of $12.8 billion in company tax, $1.1 billion in Petroleum Resource Rent Tax (PRRT), $2.6 billion in ‘excise, royalties and fees’ and $0.7 billion in ‘all other taxes’.
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