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All Australians should benefit from Australian resources. It doesn't make any sense that oil and gas companies are getting to walk away with record profits while Australians are left with nothing.

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David Pocock

168,773 subscribers

316,614 Aufrufe • vor 3 Jahren •via X (Twitter)

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9 Kommentare

Profilbild von Daniel Bleakley
Daniel Bleakleyvor 3 Jahren

Here’s what good resource taxation looks like.

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Media Analystvor 3 Jahren

@MrDenmore You absolute legend @DavidPocock This is the leadership and foresight that Australia needs Thanks. Keep going.

Profilbild von Daphne - MUA 📽️ - Frosty Fan #18, F1 Fan - Checo.
Daphne - MUA 📽️ - Frosty Fan #18, F1 Fan - Checo.vor 3 Jahren

ABSOLUTELY. Thank you David! I've been so angry fir too long regarding this. Any miberal, coal, gas, etc, that is dug out of the ground & sold overseas belongs to all of us. It should NEVER have been gifted to large multinational companies. Even farmers land is stolen by them.

Profilbild von MJF999
MJF999vor 3 Jahren

Renewables are the reason for electricity price increases.Sun only shines during the day,wind doesn't blow and pricing distorts the market.Coal fired power stations forced to increase prices to be viable. Renewables have failed everywhere in the world. UK prices are up 50 times.

Profilbild von Goneski
Goneskivor 3 Jahren

This is sensible policy David. Great to see adults running the country again with the passage of the new bill yesterday Sensible concession for the greens support too Well done

Profilbild von Julian Cribb
Julian Cribbvor 3 Jahren

Oh, come on, Dave. We are left with the poisons, the devastated landscapes, the lost wildlife, the wrecked climate, the greed and inequity of it all. Plus a minuscule royalty and several corrupted Parliaments.

Profilbild von Steve 🇦🇺
Steve 🇦🇺vor 3 Jahren

You really don’t have any idea do you?

Profilbild von Eric Bananarama
Eric Bananaramavor 3 Jahren

Well said David and there are many of us who share your thoughts. The opportunities for Australia are endless. We are the poor cousin to the first world because we have let others squander our resources for private gain. Let’s make us the equals within the world.

Profilbild von Daniel Bleakley
Daniel Bleakleyvor 3 Jahren

@MrRexPatrick has a plan.

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The global energy crisis will enable oil and gas companies to make huge profits, which we won’t benefit from because our main fossil fuel tax, the PRRT, is so poorly designed. In a cost of living crisis, the govt should immediately legislate to get a fair share of windfall profits from our oil and gas for all Australians.
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The taxation regime of gas and oil exploration in this country is not understood which has led to an enormous amount of misinformation. Here are the facts: 1. Oil and gas companies pay 30 cents tax on their profits just like every other company in Australia. That means that Australians already have 30% ownership. 2. Oil and gas companies pay a super profit tax on their profits known as the Petroleum Resource Rent Tax. The PRRT has collected very little revenue to date for two reasons a) there has been an enormous amount of capital invested in getting these projects up resulting in large depreciation offsets and b) the gas was foolishly sold forward at very cheap prices when the projects were given the go ahead. A lot of these contracts will roll off over the next decade resulting in larger profits and a larger tax for taxpayers. 3. 70-80% of gas and oil exploration in Australia is unsuccessful. Offshore gas exploration is not a multi million dollar business- it’s a multi billion dollar business. The idea that taxpayers should fund 30% of offshore oil and gas exploration is absurd. The last person to come up with that idea was Gough Whitlam. Needless to say no banks would lend against such a proposition. has always had a policy to abolish the PRRT and replace it with a 5-10% royalty on Sales. Combined with the 30% company tax that will guarantee that Australians share in over 40% of the profits of any offshore oil and gas project. That’s an excellent return given taxpayers incur no risk. I’ve done up a table in comments showing the share Australians will receive based on operating profit margin before tax. David Pocock, the Greens and One Nation are all wrong on this. The formers 25% export tax will wipe out most of the profits made eliminating the incentive to further explore for gas. One Nation offering to fund 30% of exploration costs for mostly foreign owned companies will expose taxpayers to billions of dollars in subsidies with no guarantee of return. Australia desperately needs sensible economic reform. Unfortunately none of the parties in Canberra have a clue how to make this happen.
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The taxation regime of gas and oil exploration in this country is not understood which has led to an enormous amount of misinformation. Here are the facts: 1. Oil and gas companies pay 30 cents tax on their profits just like every other company in Australia. That means that Australians already have 30% ownership. 2. Oil and gas companies pay a super profit tax on their profits known as the Petroleum Resource Rent Tax. The PRRT has collected very little revenue to date for two reasons a) there has been an enormous amount of capital invested in getting these projects up resulting in large depreciation offsets and b) the gas was foolishly sold forward at very cheap prices when the projects were given the go ahead. A lot of these contracts will roll off over the next decade resulting in larger profits and a larger tax for taxpayers. 3. 70-80% of gas and oil exploration in Australia is unsuccessful. Offshore gas exploration is not a multi million dollar business- it’s a multi billion dollar business. The idea that taxpayers should fund 30% of offshore oil and gas exploration is absurd. The last person to come up with that idea was Gough Whitlam. Needless to say no banks would lend against such a proposition. has always had a policy to abolish the PRRT and replace it with a 5-10% royalty on Sales. Combined with the 30% company tax that will guarantee that Australians share in over 40% of the profits of any offshore oil and gas project. That’s an excellent return given taxpayers incur no risk. I’ve done up a table in comments showing the share Australians will receive based on operating profit margin before tax. David Pocock, the Greens and One Nation are all wrong on this. The formers 25% export tax will wipe out most of the profits made eliminating the incentive to further explore for gas. One Nation offering to fund 30% of exploration costs for mostly foreign owned companies will expose taxpayers to billions of dollars in subsidies with no guarantee of return. Australia desperately needs sensible economic reform. Unfortunately none of the parties in Canberra have a clue how to make this happen.

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