On 2 November 2018, the former government announced its final response to the report of the Petroleum Resource Rent Tax Review provided by Michael Callaghan AM PSM.
The Callaghan Review made a number of observations and recommendations regarding the overall operation of the Petroleum Resource Rent Tax.
It also identified concerns over whether the outcomes of the gas transfer pricing (GTP) arrangements ensure that the Australian community is receiving an equitable share from offshore liquefied natural gas projects.
As part of its response, the former government asked Treasury to lead a review of the GTP arrangements, to consult and report back.
The Review was paused in early 2020, as Treasury’s resources were redeployed to focus on the COVID‑19 pandemic. The Review recommenced in December 2022 and has been finalised and delivered to government.
The Treasurer released the Petroleum Resource Rent Tax: Review of Gas Transfer Pricing Arrangements final report and the Government’s response on 7 May 2023.