Federal Budget to affect exploration costs: APPEA

Thu, 23 May 2013

The Federal Budget, announced on 15 May, includes tax changes that will affect exploration costs and thin capitalisation rules, hurting the oil and gas industry’s international competitiveness, according to the Australian Petroleum Production and Exploration Association (APPEA).

APPEA Chief Executive David Byers said “The decisions announced this evening continue the recent trend of fiscal and regulatory changes that reduce investor confidence and our global competitiveness.

“Short-term revenue goals pursued at the expense of long-term nation building investments are short-sighted and do little to position our economy to benefit future generations.”

APPEA said that the changes in the Budget directly increase costs associated with developing oil and gas resources in Australia because they increase the costs associated with trading and/or buying into exploration permits.

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