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Push to tax gas companies 'ripping up our oceans' as Gorgon plan approved
Part of Chevron's Gorgon project on Barrow Island, off WA's coast. (Supplied: Chevron)
Natural gas taxes are back in the fray after the expansion of Australia's largest project received environmental approval ahead of Senate inquiry hearings this week which will probe how resources are taxed.
Australia's offshore petroleum regulator NOPSEMA has approved an environment plan for further development of US-based multinational Chevron's Gorgon project, off Western Australia's north-west coast.
Chevron is planning to install new wells and pipelines to maintain the Gorgon project's gas production rates of about 15.6 million tonnes of liquefied natural gas (LNG) a year.
Over 30 years this would equate to about 468 million tonnes of LNG.
Australia news live: Ben Roberts-Smith reports to police station on bail; Chalmers unveils plan for $1,000 instant tax deductions
Meanwhile treasurer warns of ‘big risks’ to inflation and growth as global oil price jumps again. Follow today’s news live
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Treasurer says capital gains changes and other tax reform still under consideration
Sticking with the budget, Chalmers said the government hasn’t made any decisions on capital gains tax reform.
The federal budget in three weeks’ time is widely expected to include changes to tax breaks for investors, in an effort to rebalance the tax system away from the wealthiest Australians and to take pressure off home prices.
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What Norway’s $3trn wealth fund can teach Australia about gas taxes
The Scandinavian country is held up as an example of what’s possible when oil and gas revenues are funnelled straight into a giant investment fund.
Norway’s petroleum tax underwrites one of the world’s most prosperous societies. iStock
London | As the Albanese government mulls an extra tax on Australian gas companies, advocates of resource wealth redistribution often point to Norway as the gold standard for making fossil fuel producers pay.
For decades the Scandinavian nation of just 5.5 million has tapped revenue from wealthy energy companies to fund expensive social spending initiatives and give Norwegians a lifestyle that is the envy of the world.
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