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Illustration; Source: Australian Energy Producers<\/p>\nWhile emphasizing that oil and gas companies are among Australia\u2019s largest corporate taxpayers, Australian Energy Producers (AEP), representing the country\u2019s upstream oil and gas exploration and production industry,\u00a0has highlighted that the hydrocarbon industry will drive additions to taxes and royalties by pouring $21.9 billion.<\/p>\n
Illustration; Source: Australian Energy Producers<\/p>\n
After the Australian Taxation Office\u2019s latest corporate tax report outlined that the oil and gas sector was one of Australia\u2019s largest corporate taxpayers, contributing $10.4 billion in company tax in 2023\u201324, Australian Energy Producers underlined the ATO\u2019s figures showed the country\u2019s oil and gas sector accounted for around 1 in 10 dollars of company tax paid in 2023\u201324.\u00a0<\/p>\n
Samantha McCulloch, Australian Energy Producers\u2019 Chief Executive, commented: \u201cThe ATO\u2019s results are consistent with Australian Energy Producers\u2019 recent member survey that found the sector is forecast to pay $21.9 billion in taxes and royalties to state and federal governments in 2024\u201325, representing the highest annual tax contribution from the industry to date.<\/p>\n
\u201cThe results dispel the myth that Australia\u2019s oil and gas sector does not pay its fair share. The fact is that the oil and gas sector is Australia\u2019s second largest corporate taxpayer, which helps pay for essential services and infrastructure for all Australians.\u201d\u00a0<\/p>\n
In addition, the ATO noted that 2023\u201324 was the third consecutive year that the resources sector, which includes oil and gas, paid more tax than all other sectors combined.\u00a0With this in mind, McCulloch said the results reinforced the importance of Australia\u2019s oil and gas sector to the nation\u2019s economic prosperity and energy security.\u00a0\u00a0\u00a0<\/p>\n
McCulloch stated: \u201cIn addition to the oil and gas industry\u2019s significant tax and royalties contribution, which total approximately $55 billion over the past three years, the sector is a key driver of Australia\u2019s productivity and economic growth, contributing $105 billion a year to the national economy and supporting 215,000 jobs around Australia.\u201d\u00a0\u00a0<\/p>\n
The Australia Competition and Consumer Commission (ACCC) claims that gas supply on Australia\u2019s east coast is expected to improve in the first quarter of 2026. However, the outlook is said to still depend on how much uncontracted gas LNG producers decide to export.<\/p>\n
Anna Brakey, ACCC Commissioner, explained: \u201cThe Queensland LNG producers have reported a reduction in contracted LNG exports, and now expect to have 22 PJ of uncontracted gas available in the first quarter of next year. Given ongoing concerns about sufficiency of domestic gas supply, the ACCC will be monitoring whether and how this gas is offered to domestic buyers.<\/p>\n
\u201cDespite the improvement, the supply-demand outlook remains tight in the southern states. For the first time, southern gas producers are not expecting to produce surplus gas in the first quarter of the year, when demand is usually at its lowest. This may create challenges for fully replenishing southern gas storage facilities ahead of winter 2026.\u201d<\/p>\n
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