Australia's Gas Project Expansion Approved

0:00It's April 19, this is Sydney News Today, your AI-powered local news. Australia's biggest gas project just got the green light for expansion. Chevron's Gorgon operation off Western Australia's coast received environmental approval from the offshore petroleum regulator. This comes right before a Senate inquiry kicks off this week to dig into how the nation's resources get taxed. The projects in federal waters, so no state royalties apply. Instead, companies pay the petroleum resource rent tax only after covering costs, which can drag on for years with deductions piling up. Critics say this lets firms like Chevron export massive amounts of gas without much upfront payment. Green Senator Steph Hodgens May is leading the charge, calling it a giveaway of $300 billion worth of Aussie gas to a US. Multinational was zero royalties. Chevron's boss pushes back, noting they've showed out over 20 billion in taxes and royalties since 2009, plus expecting 8.

1:00100 million in PRRT by 2027. Industry groups like Australian Energy Producers highlight last year's 21.9 billion in taxes and royalties from oil and gas, supporting jobs and growth. They want to propose 25% flat tax on exports could spike effective rates over 80%. Scaring off investment and hurting, energy security. Meanwhile, the government's holding firm with no policy shifts announced backing projects that make economic sense. As the inquiry unfolds, expect more heat on whether Australia's gas riches are truly paying off for everyday folks.