"Australians will get a fairer return on their resources sooner and what this change means is about $2.4 billion in the forward estimates which the gas companies wouldn't be paying, the offshore LNG projects wouldn't be paying, were it not for this change," the Treasurer told the ABC. Rather than allowing companies to fully deduct their project costs against income, as is the case now, deductions will be capped at 90 per cent. The changes to the PRRT follow months of negotiation with the sector and will kick in from July 1. Mr Chalmers used the interview to also confirm a $2.4 billion increase in Petroleum Resource Rent Tax paid by oil and gas companies on their offshore liquefied natural gas projects over the next four years. Treasurer previews changes to profit tax for gas industry and so if you want to help all Australians, all vulnerable Australians, not just the ones you can identify and the ones you are picking out, if you want to help all vulnerable Australians you've got to get the inflation under control," Mr Taylor said. "Everyone is being hurt by inflation - the whole lot of us. Shadow Treasurer Angus Taylor said his test for the budget would be whether it put downward pressure on inflation. "People will be getting several hundred dollars if they're on pensions and payments, or a small business, but depending on where you live, depending on what the price pressures are, depending on how much the states and territories are prepared to kick in, because this is a co-investment with them." "More than 5.5 million households will get some assistance with their electricity bills, and around a million small businesses will be eligible as well, to take some of the edge off what is the key drivers of these cost of living pressures," Treasurer Jim Chalmers said in an interview with the ABC. Under the bill relief measure, pensioners, small businesses and people on government payments will have their electricity subsidised.īut the size of the assistance will depend on where you live, as the Albanese government has had to negotiate eight different energy agreements with state and territory governments. Separately, the treasurer has confirmed next week's budget will contain changes to the gas industry profit tax.
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