Scott Buchholz (Wright, Liberal Party, Assistant Minister for Road Safety and Freight Transport) Share this | Hansard source

The Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021 and Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Bill 2021 will impose a temporary levy on offshore petroleum production to recover costs for decommissioning two oilfields and associated infrastructure. The purpose of the levy is to ensure that taxpayers are not left to pay for the decommissioning or the remediation. The levy is temporary, and that's the point to remember. Commencement of the levy will be on 1 July 2021 and pay in arrears a rate of 48c per barrel or oil equivalent production for the year. I commend the bill to the House.

Question agreed to.

Bill read a second time.

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