Nobel Prize-winning American economist Joseph Stiglitz made the assertion on ABC’s Q&A on Monday night. What exactly did he mean, and does the claim stack up?
Academic rigor, journalistic flair
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In this podcast, @michellegrattan canvasses the budget with Treasurer @JEChalmers, Shadow Treasurer @AngusTaylorMP and The Conversation's politics + society editor @amandadunn10
Changes to the petroleum resource rent tax (PRRT) are long overdue, but Labor’s modest attempt at reform represents a missed opportunity.
Australia already imposes a super-profits tax of 40% on gas producers, but very little is paid. Yet we know how to simplify the system, so we’re not gifting billions to multinational companies.
Australia gets less from the petroleum resource rent tax than it did 20 years ago when exports were small.
Local communities are likely to be dissatisfied with the report from the PRRT review because its recommendations only apply to future projects and won’t herald any changes in the budget.
The petroleum resource rent tax must be reformed to generate any significant revenue.
Top contributors
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Adjunct Senior Research Fellow, Business Law and Taxation Dept, Monash Business School, Monash University
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Professor, Department of Economics, The University of Melbourne
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Professorial Fellow, University of Canberra
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Visiting Fellow, Crawford School of Public Policy, Australian National University
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Professor, Deakin Law School, Deakin University
