Election 2022: Greens launch policy aimed at taxing gas corporations

By Anna Macdonald

April 21, 2022

Adam Bandt
Australian Greens leader Adam Bandt. (AAP Image/Gary Ramage)

The Greens have announced the final component of the Greens’ Tycoon Tax, with a policy to end tax breaks for corporations participating in offshore gas extraction in commonwealth waters and oblige those corporations to pay royalties.

The party estimates the plan would return at least $92.3 billion to the budget over the decade.

“The Greens will make big gas corporations pay their fair share of tax to help get dental into Medicare,” said Australian Greens leader Adam Bandt, who announced the policy with West Australian senator Dorinda Cox.

Bandt continued: “Australia’s natural resources belong to the people, but Liberal and Labor are giving away our gas for free, losing billions of dollars that should be funding hospitals and schools.”

Revenue raised by the tax would be put into areas such as funding for hospitals and schools, and to fund the already announced Greens policy to add dental to Medicare

The Greens named Chevron, which owns Gorgon and Wheastone, as ‘the worst offender’, arguing it has not voluntarily paid company tax. The party estimates 27 gas companies earned approximately $77.1 billion in revenue without paying tax.

“Real climate action means phasing out gas and coal by 2030,” said Cox, “And keeping new gas and coal in the ground. Both the Liberals and Labor back more gas and coal. They take millions in donations from gas and coal billionaires and big corporations.

“Western Australia is in a climate crisis caused by the mining and burning of gas and coal. Our state currently gets more revenue from car registrations than we do from the multi-billion dollar gas industry. At a time of climate crisis, Western Australia is the only state where climate polluting emissions are going up, not down,” she said. 


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