The Australian oil and gas industry is set to deliver a record $17.1 billion in taxation revenue to federal, state and territory governments for the 2023-24 financial year, according to a survey by Australian Energy Producers.

This represents a 5.3 per cent increase from the $16.3 billion paid in 2022-23.

The massive tax haul includes $12.8 billion in company income tax, $1.2 billion in Petroleum Resource Rent Tax (PRRT), $2.5 billion in state royalties and excise, and $656 million in other taxes.

Australian Energy Producers Chief Executive Samantha McCulloch said the $17 billion contribution is equivalent to funding 11 new public hospitals, and 250 schools, or covering healthcare costs for 1.76 million Australians.

“The latest survey results represent the highest revenue contribution to date, helping governments fund essential services and infrastructure like roads, schools and hospitals,” McCulloch stated.

In addition to the record tax payments, the survey showed the oil and gas industry will spend over $41 billion on Australian goods and services in 2023-24, supporting local jobs, businesses and communities across the country.

McCulloch reinforced the federal government’s Future Gas Strategy, which recognises the crucial role of gas in Australia’s energy security and economy.

“The strategy put beyond doubt that gas is essential to Australia’s energy transformation and investment in new gas supply is needed to ensure Australian households and businesses, and our trade partners, continue to have reliable and affordable energy,” she said.

The record tax and spending figures underscore the oil and gas industry’s critical importance to the Australian economy and its role in funding vital public services and infrastructure for all Australians.

Source: Petroleum Australia