Offshore Petroleum and Greenhouse Gas Storage Amendment (Benefit to Australia) Bill 2020
Submission to the Senate Economics Legislation Committee
Offshore oil and gas industries contribute little to the Australian economy in terms of tax revenue or employment. Many projects represent a net cost to the Australian community, as subsidies, cleanup costs, environmental impacts and resource depletion outweigh the relatively small tax and employment benefits. This bill should be supported as it could assist in ensuring the Australian community gains some benefit from offshore oil and gas development.