New analysis by The Australia Institute shows that based on Woodside’s annual report, the company tax cut would be a $1.76 billion gift over the first decade of the cut to just this one company.
|Profit 2017-18 (Twice half year result)||1,740|
|Company tax 2017-18 (Twice half year result)||580|
|Benefit from company tax cut based on 2017-18 profit||97|
|Benefit from company tax cut based on expected 2026-27 profit||143|
|Benefit from company tax cut for decade 2019-20 to 2028-29||699|
|Benefit from company tax cut for decade beginning 2026-27.||1,757|
When the full cuts come in (2026-27) the lost company tax revenue just to Woodside would be the equivalent of employing 1,936 nurses, 1,745 secondary school teachers or 1,446 police officers.
(Based on the average payments for different occupations in May 2016 and updating for the actual and projected wage price index, and projecting forward Woodside’s profit.)