WTF?

According to the Australia Institute:

Since 1996 Norway has been taxing the profits of its oil and gas sector at 78%.

Australia meanwhile has a petroleum tax (PRRT) but it is much less effective. The PRRT, unlike Norway’s Special Tax, is deductible from corporate tax, and is calculated when it satisfies the definition of a “marketable petroleum commodity”. This means that the PRRT calculation for LNG can be applied before the major value-adding liquefaction process and thus reduces the amount that is considered taxable compared to Norway.

Norway’s Government Pension Fund Act also stipulates that the Government’s entire net cash flow from the petroleum industry shall be transferred to the Fund. The first transfer was made in 1996 and the fund is now worth A$1.9 trillion. This is around $350,000 for each of Norway’s 5.4 million citizens or $1.4 million for a family of four.

In stark contrast, Australia’s oil and gas industry received billions of dollars worth of taxpayer-funded subsidies and the huge surge in revenue to the industry has not resulted in a similar jump in tax revenue.

If foreign entities want access to Australia's resources they will pay the price.

A stable and developed first world country will always be preferred for resource acquisition even at 78% taxation.

Dear WTF,

Couldn't agree more.

Yet the usual suspects from here would hate the idea.

Hasbeen: "God you lefties are sick. If you don't like multinationals doing the mining & extracting the oil & gas, why the hell don't you do it?"
http://forum.onlineopinion.com.au/thread.asp?discussion=9457&page=0#318989

Left whingers always like more taxes to balance their wasteful spending.

Norway, doorway. Who cares! We've got enough trouble in our own country without bothering with these regular overseas bulletins.

ttbn says: "Who cares?"

Well clearly I care.

As the Australia institute states "In stark contrast, Australia’s oil and gas industry received billions of dollars worth of taxpayer-funded subsidies and the huge surge in revenue to the industry has not resulted in a similar jump in tax revenue."

I care that billions of tax dollars in subsidies have gone to Australia’s oil and gas industry for little result.

Perhaps we could learn from overseas successes.

There are billions of taxpayer dollars going to unreliable wind and solar gadgets. Despite those subsidies, the price of electricity is getting higher. Australians are paying through the nose twice - as taxpayers and as consumers.

I wonder if these breathless reports about foreign goings on are from someone who knows squat about Australia, and has never even been here. It wouldn't be the first time we have had a foreign provocateur stirring the possum.

Of course, the Australian political class isn't interested in what goes on overseas, because they are bungling along, making the same mistakes that have already been made in other countries, ignoring the evidence of what has occurred when other stupid politicians have done the very same things they, the Australian nitwits, are doing now.

WTF,

What subsidies? More left whinge BS. There have been no subsidies.

WTF?

shadowminister asks: "What subsidies? More left whinge BS. There have been no subsidies."

However, in the "Fossil Fuel Subsidies in Australia 2023" report we can find the following:

"In 2022–23, Australian Federal and state governments provided a total of $11.1 billion worth of spending and tax breaks to assist fossil fuel industries."

Also ". This year’s figure represents a 5% decline on last year’s, but subsidies in the forward estimates have increased from $55.3 billion to a record $57.1 billion."

It is a subsidy for the user, not the producer, and mainly because farmers and miners for the most part have their equipment in mines and farms, not on roads. In return we get food, employment and an economy. Renewable energy gets over seven billion a year in subsidies. It goes into their pockets, but they keep quiet about that. In return for the false promises of cheap and abundant power you get costly erratic power and a ruined economy. You might also consider how much revenue the government gets from the fossil fuel industry, because they only get a pack of lies from the renewable energy spivs.

And when all the wind and solar installations of the renewable energy con become toxic rubbish, guess who gets the cleanup bill?

Fester says:

"You might also consider how much revenue the government gets from the fossil fuel industry."

Well according to the publishers of the "Fossil Fuel Subsidies in Australia 2023" report:

"In stark contrast, Australia’s oil and gas industry received billions of dollars worth of taxpayer-funded subsidies and the huge surge in revenue to the industry has not resulted in a similar jump in tax revenue".

Also: "guess who gets the cleanup bill?"

Well according to the The US Environmental Protection Agency the cost of wind generation is calculated from pre-mining and collection of resources up to and including complete clean up and disposal.

Their calculations show the opportunities for economic investment.

So you will not have to worry about that bill.

WTF

How many billions of dollars worth of fossil fuels did Australia export last year? How many billions of dollars in economic activity did the revenue from fossil fuels generate last year?

I can tell you how much renewable energy we exported last year. You might also consider the economic impacts of higher energy costs as the reality is very different to the copious lies about how cheap and plentiful renewable energy would be.

Renewable energy is a gigantic con job. You could learn about why we need dispatchable energy and why wind and solar are not dispatchable energy sources. You might also learn about the low capacity factors and high variability of wind and solar, then compare them with the low cost of dispatchable, high capacity nuclear power, something that the renewable energy crooks don't want you to see. Last time I checked, German renewable energy was three times the cost of French nuclear.

Fester
You are missing the point of this thread.
Regardless of your thoughts on renewable energy sources this thread is about lost opportunities for Australians.

Norway has shown that it is possible to tax natural resource extraction at a substantially higher rate than Australia.

Australian's are being short changed here and subsidies for oil and gas producers, farmers and miners at the expense of all Australians is a flawed business model.

Where you see less tax-payer dollars for a few I see more revenue for all.

WTF,

I've seen this article before, the activists deliberately and deviously confuse tax breaks (which are given to every single business) with subsidies which they are not. The prime one is the right to depreciate capital expenses against income. The complete inability to demonstrate actual subsidies shows that this is complete bullsh1te.

When you see that oil and gas companies already pay about 40% royalties then 30% company tax, wage taxes, paye on wages, GST etc. there is not much of a difference between Norway and Aus except that Norway puts the revenue in a wealth fund and Labor just spends it.

WTF?

A few years ago people like Bob Brown were declaring coal dead and renewable energy capable of replacing it. The coal price dropped and many fossil fuel companies did it tough whilst renewable energy companies did very well with the subsidies and investment. I don't remember calls for super taxes on renewables at the time, nor calls on other industries when they had good times. But as the reality of renewables became apparent and Russia's unprovoked war spiked prices of natural gas and consequently coal and oil, people were pretty damn quick to call the profits obscene and demand super taxes on the windfall. Where is the consistency in this when so many industries are cyclical?

"I care that billions of tax dollars in subsidies have gone to Australia’s oil and gas industry for little result."

Some people never read the fine print.
It's a business tax rebate on the cost of fuel.
The government still charges a fuel levy.

There's no financial gift to fossil fuel companies, it's simply a case of 'we didn't screw your businesses as badly as we could've' in this instance, because "boosting the economy as a whole works out better in the long run".

There's no money going to fossil fuel company executives and shareholders pockets it goes to Aussie businesses for the sake of the 'economy';

- But we gave billions to QANTAS to burn aviation fuel.

Whats the point of any of us even being here and trying to have a discussion, when people completely the bs they are fed?

It's a battle just to clear out the bs, just to get to the facts.
- And most of the time we don't even make it that far.

If you want to whinge about financial gifts to large businesses that burn fossil fuels, try picking a shoe that fits.

The other items in that group of claimed subsidies for fossil fuel companies include 'port upgrades' - that is the government wants to help EXPORT MORE, so it makes more in tax receipts for itself and the company earns more too.

You think democracy is of the people and by the people;
- But forget that political donors are higher up the food chain than voters.

And the people, contrary to popular climate change narrative;
DON'T LIKE PAYING HIGHER FUEL OR ENERGY BILLS.

All you need is a few idiots and a corrupt media to loudspeaker the voice of the few to screw over the many.
You don't need 50% consensus, all you need is a few individuals and groups in the spotlight presenting themselves as popular opinion, while they stifle (maybe I should use cancel instead) any voices of dissent.

Democracy is a joke.
- Even more so when the two contenders and their parties are both crap.

Hi AC,

If we all thought alike (Heaven forbid!) then authoritarian rule would be a very sensible idea. Because every individual sees a different world, democracy at least gives the chance that decisions of government might meet with the approval of some voters, but it also puts the onus on people to speak up lest they not be heard.