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Wednesday, 25 March 1987
Page: 1526

Mr BRAITHWAITE(6.58) —In response to some of the comments the Minister has made, we have made it perfectly obvious in the course of this debate that our objection to the Petroleum Resource Rent Tax Assessment Bill represents not so much the industry's views but Australia's view of oil production and oil self-sufficiency in the future. I think that the Minister for Resources and Energy (Senator Gareth Evans) made that point at the Australian Petroleum Exploration Association Conference. The conference was covered by the Australian Financial Review. It stated:

But there was criticism of the arguments being used by the partners in support of their claim, with the Government appearing highly sceptical of suggestions that without reductions, capital investment in field development and oil recovery enhancement would not take place.

``I find it difficult to understand-

I believe that `I' is Senator Evans-

why the attractiveness of certain investments seems to have declined since last year even though oil prices-and net returns-have now risen substantially and the prospects for the future are generally considered to be brighter,'' he observed.

If Senator Evans does not understand what this and the other Bills are doing as far as disincentives are concerned to the prospectivity and the aspect of self-sufficiency in the future, goodness help Australia's resources in the future.

Amendments agreed to.

Bill, as amended, agreed to.

Bill reported with amendments; report-by leave-adopted.