Labor's Positions and Policies

Petroleum Resource Rent Tax

November 26, 2018

Labor has led the conversation about tax fairness and multinationals and we will continue to do so.

 The Senate Enquiry into Corporate Tax Avoidance, which has been reconvened for the 45th Parliament, will consider issues relating to the Petroleum Resource Rent Tax.

The day after Labor announced that the Senate Economics Committee will inquire into the Petroleum Resource Rent Tax, the Turnbull Government hastily announced a Treasury review into the same issue.

Labor's 2015-16 multinational tax inquiry, chaired first by Senator Dastyari and then by Senator Ketter, shone a critical spotlight on multinational tax avoidance and forced the Government to take action.

Now we see the same pattern with the Petroleum Resource Rent Tax – Labor leads and the Turnbull Government follows.

While Labor will proceed with our public Senate inquiry, we will be watching the Treasury review closely and expect a transparent and fair process. We expect that the community and industry have been provided with suitable opportunities to engage with the Treasury review.

The Labor Party is committed to the integrity of the Australian tax system. That is why we continue to pressure the Government to close tax loopholes which are being exploited by multinational and costing Australians billions of dollars in revenue.