Australian oil and gas sector breaks revenue records, driving economic growth and energy security

Australia’s oil and gas industry is on track to deliver more than US $17 billion in taxation revenue to federal, state and territory governments this financial year, underscoring the sector’s critical role in Australia’s economy and energy security.  

Australian Energy Producers’ latest financial survey of members reveals that the industry is expected to pay $17.1 billion in taxes in 2023-24, up by 5.3% from the $16.3 billion in 2022-23. The payments include company income tax, Petroleum Resource Rent Tax (PRRT), state royalties and excise. 

Fuelling economic growth

The $17 billion in tax receipts helps fund essential services for all Australians, equivalent to building 11 new public hospitals, 250 schools or covering the healthcare costs of 1.76 million Australians, said Australian Energy Producers Chief Executive Samantha McCulloch.

"The latest survey results represent the highest revenue contribution to date, helping governments fund essential services and infrastructure like roads, schools and hospitals,” McCulloch said. 

The survey also showed the industry will spend over $41 billion on Australian goods and services this financial year, supporting local jobs, businesses and communities. 

McCulloch explained that the results reinforced the Future Gas Strategy’s recognition of the crucial role of gas to Australia’s energy security and economy.  

The strategy put beyond doubt that gas is essential to Australia’s energy transformation and investment in new gas supply is needed to ensure Australian households and businesses, and our trade partners, continue to have reliable and affordable energy.   

“A Future Made in Australia is not possible without gas, and our national energy policy should reflect the central role gas will play in the Australian economy to 2050 and beyond,” she added.