Opened the debate
Ryan argued that despite Australia's abundant natural resources, very little wealth from fossil fuel exports flows back to the public, with billions in windfall profits going to multinational companies and foreign investors. Ryan contended that the Petroleum Resource Rent Tax is ineffective due to loopholes, generous deductions, and complex design that allow companies to defer tax payments indefinitely. Ryan cited data showing that revenue from this tax is lower than collections from beer excise or student loan repayments. Ryan proposed implementing a targeted windfall tax on supernormal profits during crises and replacing the current system with a fair-share levy on net cash flows. This alternative would increase the government's share of profits from 18 per cent to 50 per cent, potentially raising billions in revenue for public benefit.