Australia Institute May 2023 Budget Wrap

Climate & Energy

A deeply disappointing Budget for the Climate and Biodiversity Crises

by Polly Hemming & Elizabeth Morison

The fact that climate change and biodiversity did not rate one mention in the Treasurer’s budget speech probably tells you all you need to know about where they feature in the government’s spending plans. Continue reading →

Fossil Fuel Subsidies in the 2023-24 Federal Budget

by Rod Campbell

The Fuel Tax Credit is Australia’s biggest fossil fuel subsidy, and indeed one of the largest expenditure items in the Federal Budget. Weighing in at $9.6 billion in 2023-24 it is expected to cost $41.1 billion over the next four years. Continue reading →

Things that raise more revenue than the PRRT

by Matt Grudnoff

This budget saw changes to the Petroleum Resource Rent Tax (PRRT). The PRRT is a tax that is supposed to collect more revenue from the gas industry when gas prices are high and the industry is making large profits. The idea is that the gas is owned by all Australians, and when prices are high the Australian people should share in the revenue that those high prices generate. Continue reading →

Did mining save the budget?

by Matt Grudnoff

Each year we hear a familiar story about the rivers of gold that flood in because of high commodity prices, lifting the budget bottom line. But as the Australia Institute has talked about many times previously, the mining industry pays little tax. So what gives? Continue reading →

Corporate sponsorships and fossil fuels

by Bill Browne

Questacon – Canberra’s science and technology communication centre – introduces children and adults to scientific concepts in an accessible, interactive way. It was established by the Australian National University and has always relied on government funding. It has also been funded by corporate sponsors, including oil and gas companies Shell and Inpex – despite the clear message from climate scientists that fossil fuels must stay in the ground to prevent runaway climate change. Continue reading →