Australia could reap more than $24bn over the next four years from fossil fuel multinationals by reforming a tax on offshore gas projects that has consistently failed to deliver meaningful revenue, Parliamentary Budget Office costings show.
The costings were released by the Greens in support of a proposal to reform the petroleum resources rent tax (PRRT), which is supposed to ensure that the commonwealth receives a share of income from gas mega-projects including the Gorgon reserve, which is being developed by a joint venture including Chevron, ExxonMobil and Shell.
