Terms of Reference

The terms of reference are set out below.

  1. The review will have regard to the need to provide an appropriate return to the community on Australia’s finite oil and gas resources while supporting the development of those resources, including industry exploration, investment and growth.
  2. The review will examine the design and operation of the PRRT, crude oil excise and associated Commonwealth royalties that apply to the onshore and offshore oil and gas industry, having regard to economic conditions in the industry and trends over time.
  3. The review will also consider the impact of previous policy decisions on Commonwealth revenue.
  4. Drawing on international experience, the review will make recommendations to the Government on future tax, excise and royalty arrangements having regard to revenue adequacy, efficiency, equity, complexity, regulatory costs and the impact on the industry generally.
  5. The review will also examine other related matters.