Budget Eve: Energy relief for households, plan for ‘gas tax’

What we know so far about treasurer Jim Chalmers’ 2023 budget
On Sunday the government announced a plan to collect $2.4bn more in petroleum resource rent tax over four years by capping the proportion of PRRT assessable income that can be offset by deductions to 90%. Chalmers has also said the energy transition will be “front and centre” as “the most important part” of investments to drive growth and tackle inflationary pressures.

$2.4b gas tax rise must be the last, APPEA says
The oil and gas sector has accepted the $2.4 billion increase to the Petroleum Resources Rent Tax over the next four years on the proviso it ends the pursuit of the industry for more revenue.

Millions to receive up to $500 in energy bill relief at federal budget, as Treasurer flags broader cost of living supportFive million households and one million businesses will receive up to $500 relief on their power bills under a $1.5 billion package in Tuesday's federal budget.

Tanya Plibersek rejects two Queensland coalmines over failure to provide detail on environmental impact
The environment minister, Tanya Plibersek, has struck off two proposed coal projects in Queensland after the developers failed to submit requested information about impacts on threatened species and water.

Can Woodside prevail in the gas wars?
The company’s near-term strategy largely hinges on growth in LNG, and there it faces mounting challenges, with the changes in the petroleum taxation regime only the latest.

Chalmers softens PRRT on budget eve, to relief of big gas: AFR take
The big gas producers can go back to what they do best – exporting huge amounts of Australian gas and printing money in times of global energy uncertainty – after securing a rare win in a battle over the petroleum resources rent tax (PRRT).

A climate of fighting change
If the world is to avoid catastrophic climate change, a complete transition away from fossil fuels is inevitable. So it stands to reason that shareholders and investors in fossil fuel companies should pressure boards and management to address this inevitability, writes John Hewson.

Feral horses an ‘imminent threat’ that could cause extinction of several endangered Australian species
Feral horses in the Australian alps pose an imminent threat to the Albanese government’s zero extinctions target, a scientific committee that advises the government on endangered species has told a parliamentary inquiry.

Is the wild ride over? Outlook brightens for lithium as EV sales surge
The outlook for lithium, the mineral powering the world’s electric vehicle transition, is brightening, say industry players who have witnessed a meteoric rise and equally sharp slump in the material’s value over the past year.

After ‘hottest April’ ever, Asia braces for new extreme weather normal as El Nino looms to supercharge heat
Meteorologists are warning of temperature records falling across Asia this year, as the region swelters under brutal heatwaves and is left reckoning with a future that could be too hot to handle.