Chalmers said the changes would ensure Australia remains a reliable trade and investment partner for other countries,and would deliver a “fairer return to the Australian people from the resources they own”.
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“These changes will make a meaningful contribution to the budget that we hand down on Tuesday night,helping to support our efforts to get the nation’s finances back on track,fund vital services and provide responsible cost-of-living relief,” he said.
Chalmers has previously said a package of cost-of-living measures,including a $1.5 billion intervention in the energy market to shave hundreds of dollars off power bills,will be a centrepiece of the budget.
The treasurer said the review also highlighted other shortcomings of the PRRT and identified areas where it can be improved and updated.
He said the government would proceed with eight of the review’s 11 recommendations,as well as eight others made by the Callaghan review that were accepted but not implemented by the previous government.
“This package,which includes integrity reforms,is expected to increase tax receipts by $2.4 billion over the forward estimates,” Chalmers said.
The changes come after this mastheadrevealed on Thursday that Chalmers was considering major changes to the PRRT.
In response to that article,the Greens and independent senator David Pocock welcomed the prospect of a tax hike on gas but said it wouldn’t go nearly far enough.
Coalition resources spokeswoman Susan McDonald said during the week the government must ensure any tax changes did not reduce industry investment.