Crossbench MPs have renewed calls for a mining rent tax to ensure Australians receive a fair share of profits from the burgeoning critical minerals industry. Independents David Pocock, Allegra Spender and Kate Chaney argue that past policy failures, particularly regarding the petroleum resource rent tax (PRRT), should not be repeated as the country prepares for a new resources boom.
The call follows a landmark A$13bn deal between Prime Minister Anthony Albanese and US President Donald Trump to fund critical minerals projects. Senator Pocock criticised the existing PRRT, which raised only $1.45bn in 2024-25 despite huge revenues for gas companies like Santos and Woodside. “These are our natural resources, they belong to all of us,” he said, stressing the need for a fair cut.
The push revives memories of the 2010 mining super profits tax proposed by then-PM Kevin Rudd, which sparked industry backlash and contributed to his downfall. His successor Julia Gillard introduced a watered-down version, later abolished after the 2013 election. Neither major party has shown willingness to revisit the idea, but Pocock plans to seek costing from the parliamentary budget office.
Spender, a leading voice on tax reform, said the tax regime for new mining ventures must avoid past mistakes. “We need a solid tax base that can fund government services while easing the burden on young workers,” she added. Chaney, representing a Western Australian seat, emphasised the need for taxpayers to see economic benefits, not simply give resources away to foreign-owned companies.
A spokesperson for Treasurer Jim Chalmers noted the government already has a broad tax reform agenda, including income tax cuts and changes to the PRRT in 2023 to accelerate payments. The Minerals Council of Australia was contacted for comment.
