Part of the Chevron Gorgon LNG project (under construction), Barrow Island, Western Australia.
A small change in the method for valuing gas would increase revenue from the petroleum resource rent tax by US$15.5 billion to 2030, compared to the current US$5 billion to 2030.
MYEFO is more positive about the 2016-17 budget bottom line than previous expectations. However, projections over the forward estimates have worsened.
While MYEFO discussion focuses on the budget deficit, experts say it also serves as a stark reminder of the need for bigger policy ideas in Canberra.
The Abbott government is preparing to give Australians a tax cut, but Treasurer Joe Hockey seems confused as to just how much tax we pay.
Australian Treasurer Joe Hockey claims taxpayers are already paying 50 cents in the dollar of their income to the government and that bracket creep will push the average income earner into the second top…