The numbers are staggering but not entirely unexpected. The lack of foresight and political will from successive governments has cost the Australian public a fortune and will continue to do so unless someone grows a pair. People explain away the lack of tax paid by big business by saying 'but they provide jobs and workers pay tax'. Telstra also pays workers who pay tax but Telstra is paying more corporate tax than : see quote below...
"The Institute for Energy Economics and Financial Analysis (IEEFA) has recommended the royalty and tax system covering oil and gas in Australia be overhauled, "pointing out that Telstra paid 20 times as much corporate tax as all of the country's oil and gas companies. According to data from the Australian Taxation Office, Telstra paid $1.6 billion in tax in 2016/17. Its revenue of $26.9 billion was similar to that produced by the oil and gas industry but they paid just $81 million in tax."
Read the article for more eye opening figures. Can this be true? Have the stewards of our formally great country allowed this to occur? I read a quote the other day that Australia is a first class nation run by second class political leaders (sic). It seems it is painfully true...
www.news.com.au/finance/business/mining/tax-and-royalty-systems-for-australias-gas-and-oil-industries-need-reform-experts-argue/news-story/a900c328f1a01bf4e3aee8b867138262
TH
Telstra doesn't have Gina Rhinehart funding a PR campaign pleading poor and how a fair tax on the Australian resources she doesn't own but mines is going to destroy the industry. More like slow the leviathan growing.
Anyways, immorality like that with deep pockets and self-interest wins every time.
Clive Palmer anyone?
