Changes to petroleum resource rent tax estimated to net Australian government $94.5bn

The Parliamentary Budget Office has estimated that changes to Australia’s petroleum resource rent tax could raise $94.5bn over 10 years. Photograph: Bloomberg/Getty Images

Major changes to the petroleum resource rent tax could net $94.5bn for the federal budget over a decade, according to an independent costing made for the Greens.

The Parliamentary Budget Office advice, released on Saturday, adds to pressure on the Albanese government to reform the tax in order to address the budget’s $50bn-a-year structural deficit.