House debates

Thursday, 1 December 2022

Statements by Members


1:47 pm

Photo of Tony ZappiaTony Zappia (Makin, Australian Labor Party) Share this | | Hansard source

A recent article about fossil fuel industry tax avoidance and tax integrity by James Guthrie and Adam Lucas is very telling. It stated that between 2005 and 2020 Australian coal export revenues totalled more than $643 billion. Over the same period gas exports generated $287 billion and petroleum exports more than $166 billion. In 2021-22 Australia's resources and energy export earnings surged to a record high of $425 billion and will be significantly higher next year due to current record prices for coal, oil and gas. Seventy-three of the 134 fossil fuel companies identified by the ATO in the financial year 2020-21 paid no income tax despite a total income of $164 billion in Australia. Between 2013 and 2021, 25 companies disclosed revenue of about $1,425 billion and paid an average of less than one per cent income tax on that revenue. Nine of those companies paid zero income tax over that period. By my calculations, those nine companies had collected revenue of $308 billion. It is clear from those figures that Australia's fossil fuel sector is engaged in tax avoidance and profiteering whilst Australian people struggle with higher energy prices. Public patience is wearing thin, and calls for government intervention are growing louder.