In early March, we saw the raw power of fossil fuel capitalism on full display in Perth. The Western Australia Environmental Protection Authority (EPA) released a policy requiring big offshore oil and gas operators to provide 100% carbon offsets for all their emissions.
Can the political debate about Australia's “energy crisis” get any more weird?
“Despite the fact that Australia’s on the verge of becoming the world’s largest exporter of LNG [Liquified Natural Gas], there’ll be no new revenues from the primary tax on oil and gas for the next two decades and perhaps even longer,” Tax Justice Network (TJN) researcher Jason Ward said on October 10.
The TJN is a coalition of churches, welfare groups, unions and other civil society organisations.
This primary tax is the Petroleum Resources Rent Tax (PRRT), initiated by Bob Hawke’s Labor government in the 1980s.