APPEA’s 22nd annual Oil and Gas Industry Financial Survey also noted that total industry costs – excluding taxation – have risen by $2 billion since the 2007–08 financial year.
APPEA Chief Executive Belinda Robinson said “The results of this annual survey of the financial performance of Australia’s oil and gas sector confirm that for every dollar that is generated from the sale of oil and gas, 31 cents goes directly to governments in tax, making this sector one of, if not the most heavily taxed sector in the economy.
“These figures provide a sobering reminder that continuing increases in the tax take and project costs directly affect the level of capital available to invest in new projects,” said Ms Robinson.
“Given the magnitude of the contribution that the oil and gas sector makes to Australia’s prosperity, policies that encourage the growth of the sector will deliver a much greater overall economic benefit to the Australian people than policies that may serve to mitigate against large-scale investments in the longer term,” said Ms Robinson.
