Greens and teal independents want the oil and gas giants to be hit with a heftier tax increase than the ‘timid’ changes Labor has proposed.
Anthony Albanese has accused the Greens of being “quite happy to shut the gas industry down” after the minor party lashed a, adding pressure on the Coalition to back the changes and snuff out demands for a heftier increase from a left-leaning crossbench.
The changes will raise $2.4 billion over the forward estimates after the government said it would cap tax deductions for gas projects at 90 per cent., but on the proviso the government steps back from chasing the sector for more revenue.If the Coalition does not support the tax increase, the government will have to negotiate with the Greens and other crossbench senators.
Opposition finance spokeswoman Jane Hume, asked whether the Coalition would support the tax changes to avoid dealing with the Greens, said that “you can’t tax your way to prosperity”.“We’ll see what is in the budget and examine the details there to understand exactly its impact,” she told the ABC.
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