Treasurer Jim Chalmers has revealed the tax on offshore gas projects has raised more revenue than expected this year, as he prepares to hand down a budget focused on fixing a “broken” housing market and tax system.
The government had examined options for a windfall tax on gas giants and changes to the petroleum resource rent tax in the lead-up to the budget, but the prime minister killed off the move, concerned it could upset the trading partners Australia is relying on for fuel.
However, Labor insiders concede the “gas tax” campaign is cutting through in the community and last week, a cross-party senate committee urged the government to revisit the issue once the conflict in the Middle East had concluded.
Mr Chalmers said the government was already taking “big and meaningful steps” in the gas market, pointing to a new east coast reservation policy unveiled last week, and that it was not proposing any changes to the existing tax arrangements.
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