With PRRT revenue falling as LNG exports soared, Mike Callaghan reviews the tax. In 2019 the uplift on unused deductions is cut and onshore projects leave the PRRT.
- Date
- 28 April 2017
- End date
- 1 July 2019
- Headline figure
- LTBR + 15 to LTBR + 5
The Turnbull government announced a review of the PRRT on 30 November 2016, after collections fell sharply. Mike Callaghan’s report was released on 28 April 2017. It found the fall in revenue did not, in itself, show the community was being short-changed, and that the PRRT was not deterring investment, but it recommended changes.
The Morrison government responded in November 2018. From 1 July 2019 the uplift on new exploration spending fell from the long-term bond rate plus 15 points to plus 5, and onshore projects were removed from the PRRT.