Treasurer Jim Chalmers says there is a clear public appetite to consider tightening the screws on the petroleum resource rent tax, as soaring gas prices stoke super profits for gas exporters.
, and he wanted to avoid pre-empting any future advice, but the energy situation forecast in the federal budget could not endure.The treasurer said while PRRT tax take was up in last week’s federal budget because of record prices, “there is an appetite in the Australian community to see if that tax can operate more effectively”.
Describing himself as a “reluctant intervener” in the market, Dr Chalmers said the threshold had been crossed where intervention was now required to force prices down and complement earlier work on boosting supply. “I think there is a danger, the idea that you can – for any sustained length of time – live in a world sort of shielded from global reality,” Mr Brennan said.
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