Nobel laureate Joseph Stiglitz criticizes Australia's natural resource taxing system and proposes reinstating a federal royalties-based system for fairer outcomes.

Nobel laureate Joseph Stiglitz criticizes Australia's natural resource taxing system, calling it "giving away its natural resources." He suggests that if the fossil fuel industry paid for the value of the resources extracted and their fair share of taxes, issues could be resolved. Australia's current tax, the profits-based petroleum resource rent tax, known as the "gas tax," has low revenue, with 2018 gas tax revenue of A$1.1 billion lower than Qatar and Norway's. Stiglitz proposes reinstating a federal royalties-based system to increase revenues and offer fairer outcomes for the community.

August 14, 2024
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