Do the PRRT changes in the budget go far enough to fix a 'broken' Petroleum Resource Rent Tax?

Economists and energy experts say the government is short-changing Australians with planned changes to the Petroleum Resource Rent Tax (PRRT) that will only raise an additional $2.4 billion over five years.

Tax specialist Steven Hamilton, an assistant professor of economics at The George Washington University, said the changes detailed by Treasurer Jim Chalmers in the budget were "mostly cosmetic".

"They don't raise a huge amount of money — we're talking something like $600 million a year — and most of that is about shifting the money forward," he explained.

"So, over the lifetime of these projects, the government's not really raising any more money. They're just collecting more money now."

Read More: https://www.abc.net.au/news/2023-05-11/prrt-are-gas-companies-going-to-pay-enough/102328276