The day after Labor announced that the Senate Economics Committee will inquire into the Petroleum Resource Rent Tax, the Turnbull Government has hastily announced an “independent” Treasury review into the same issue.
As with the multinational tax debate, the Coalition is scrambling to follow Labor's lead. Labor's 2015-16 multinational tax inquiry, chaired first by Senator Dastyari and then by Senator Ketter, shone a critical spotlight on multinational tax avoidance and forced the Government to take action.
Now we see the same pattern with the Petroleum Resource Rent Tax – Labor leads and the Turnbull Government is dragged reluctantly in our wake.
The Government could start by implementing the recommendations of the Australian National Audit Office report, which has exposed a failure in their processes.
While Labor will proceed with our public Senate inquiry, we will be watching the Treasury review closely and expect a transparent and fair process. We expect all submissions to be made public, public hearings to be held around Australia, and the community and industry provided with suitable opportunities to engage with the Treasury review.
This week, the Coalition broke its promise to introduce a diverted profits tax into parliament during 2016. It's no wonder that Australians have little faith in the Turnbull Government's ability to make multinationals pay their fair share.
WEDNESDAY, 30 NOVEMBER 2016
MEDIA CONTACT: TAIMUS WERNER-GIBBINGS 0437 323 390