Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

To date, the PRRT revenue predominantly relates to oil and gas produced in the Bass Strait, so no offshore LNG project has paid PRRT yet. Most offshore LNG projects are not expected to pay substantial amounts of PRRT before 2030. Whilst they are earning significant revenues from Australia's gas resources, our PRRT revenue collections in 2021-22 were $1.64 billion. We're estimating that, between 2023-24 and 2026-27, there'll be revenue in the order of $10.8 billion. This reform, which does bring forward revenue to the budget in the forward estimates, will raise an additional $2.4 billion in revenue across those four years.