Janet Rice (Victoria, Australian Greens) Share this | Hansard source

I move my second reading amendment regarding introducing a royalty on oil and gas project to pay for the Future Drought Fund:

At the end of the motion, add:

", but the Senate:

(a) notes that the placement of a 10 per cent royalty on projects subject to the PRRT, creditable against PRRT liabilities, and treated as a deductible expense in calculating company tax, would raise $4 billion, in real terms, within two years; and

(b) calls on the Government to bring forward legislation to introduce a Commonwealth royalty on oil and gas projects for the purposes of the Future Drought Fund in recognition that the oil and gas industry are contributing to more severe and prolonged droughts."