The Australian Oil & Gas Industry’s Tax and Royalties Contribution

The oil and gas industry is one of the biggest tax-paying sectors in Australia, contributing $17.1 billion in taxes and royalties in 2023–24 to state and federal governments.

The Australian Taxation Office has confirmed that “some oil and gas companies [are] now amongst the largest taxpayers in Australia”, with four gas companies among Australia’s 20 biggest tax contributors in 2022–23.

Commonwealth taxes paid by the oil and gas sector increased more than tenfold from $1.5 billion in 2021–22 to $11.6 billion in 2022–23, reflecting major projects moving further into their production cycles. In addition,  onshore gas projects around Australia pay billions of dollars a year in state and territory royalties.