David Pocock (ACT, Independent) Share this | Hansard source

Australia is one of the biggest gas exporters in the world, but, when LNG prices go up globally, Aussies don't feel richer. We don't get a huge amount more in return, unlike Norway, who have a 78 per cent tax on their oil and gas. They also now have a $3 trillion sovereign wealth fund. Australians have figured this out now and are fired up and are angry with the major parties that continue to defend this arrangement and continue to give us the talking points from the gas industry about why we couldn't possibly get our fair share from the gas industry. The questions I get the most are: Why 25 per cent? Why not 78 per cent? This proposal, which I support, is a 25 per cent tax on gas export revenue. It means that the gas companies can no longer use the profit shifting and all the fancy accounting that means many of them have not paid much corporate tax at all, so a flat 25 per cent tax on gas exports is clearly the way to go now.