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Tuesday, 10 March 2009
Page: 1223

Senator Cormann asked the Minister representing the Treasurer, upon notice, on 19 December 2008:

Given the estimated $800 million in additional infrastructure investment required by Inpex Corporation as a result of the decision to process gas from the Browse Basin’s Ichthys gas field in Darwin rather than in Western Australia:

(1)   What will be the delay in commencement of Petroleum Resource Rent Tax payments from the Ichthys gas field as a result of this additional capital expenditure.

(2)   What is the potential impact on Commonwealth revenue as a result of reduced petroleum resource rent tax flowing from the increase in project capital costs.

Senator Conroy (Minister for Broadband, Communications and the Digital Economy) —The Treasurer has provided the following answer to the honourable senator’s question:

(1) and (2) Budget estimates are prepared over the forward estimates period. Any impact of the INPEX project on PRRT revenue is unlikely to occur until well beyond the current forward estimates period. That said, it cannot be assumed that locating the onshore gas processing operations in Darwin will necessarily result in a delay in PRRT revenue, or lower PRRT revenue, relative to locating the onshore operations in Western Australia.