Treasurer Jim Chalmers is likely to miss out on a major revenue boost to his deficit-ridden budget from surging oil and gas prices because of the government’s ineffective tax on windfall profits, economists said.
Economists said the escalating conflict in the Middle East bolstered the case to overhaul the petroleum resource rent tax paid by oil and gas giants, such as by introducing a cash flow levy which could deliver the budget tens of billions dollars in extra revenue.
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