Australia must catch up with other countries on how it taxes gas | Diane Kraal

Australia should follow PNG's lead in resource tax reform. As the budget deficit worsens, reintroducing royalties for LNG projects would provide much-needed revenue

Papua New Guinea's 2017 budget takes big steps in resource tax reform. Following suggestions that I made together with former Labor minister Craig Emerson, starting next year resources companies operating in Papua New Guinea will pay a revamped resource rent tax, as well as the existing royalties and company taxes.

With Australia's budget deficit worsening, following Papua New Guinea's lead may help us bring in more revenue from natural gas, sooner.