Oil and gas industry inflates size by 15x

by | May 19, 2022 | Lobbyland

The oil and gas industry is doing a good job of talking up its contributions to the Australian economy.

The Australian  Financial Review has repeated claims by oil and gas peak body APPEA that their industry is a $500 billion benefit to the economy. In reality, ABS data shows the total oil and gas industry’s value is $33.8 billion.

The oil and gas industry is largely foreign-owned so outside of salaries paid in Australia most benefits of the industry’s activities go offshore. This is especially true given the extremely minimal tax paid by the industry, paying zero income tax and minimal amounts of PRRT on vast revenues.

If all industries made the same claim, it would add up to 15X the actual value of the Australian economy according to economist Mark Ogge.

Callum Foote is a journalist and Revolving Doors editor for Michael West Media. He has studied the impact of undue corporate influence over Australian policy decisions and the impact this has on popular interests.

Don't pay so you can read it.

Pay so everyone can.

Michael West headshot

Get our newsletter

Once a week.

Unsubscribe anytime.

Thank you! We'll also confirm via email.

Pin It on Pinterest

Share This