Footnotes

Chapter 1 - Excise Legislation Amendment (Condensate) Bill 2008 and Excise Tariff Amendment (Condensate) Bill 2008

[1]        Budget Paper No.1, 2008–09, pp 1–36.

[2]        Excise Tariff Amendment (Condensate) Bill 2008, Second Reading Speech.

[3]        Revised Explanatory Memorandum, p. 7.

[4]        Revised Explanatory Memorandum, p. 10.

[5]        Revised Explanatory Memorandum, pp 10–11.

[6]        Revised Explanatory Memorandum, p. 9.

[7]        Revised Explanatory Memorandum, p. 11.

[8]        North West Shelf Venture, Submission 3, p. 3.

[9]        Information available at: http://www.nwsg.com.au/sp-frameset.html?about/index.html, accessed on 25 June 2008.

[10]      Natural Gas.Org website, Processing Natural Gas, http://www.naturalgas.org/naturalgas/processing_ng.asp, accessed 30 June 2008.

[11]      Richard Webb, 'Excise Legislation Amendment (Condensate) Bill 2008', Bills Digest No. 115, 2007–08, Parliamentary Library, Canberra, Australia, 27 May 2008, p. 2.

[12]      Richard Webb, Excise Legislation Amendment (Condensate) Bill 2008, Bills Digest No. 115, 2007–08, Parliamentary Library, Canberra, Australia, 27 May 2008, p. 2.

[13]      Excise Tariff Amendment (Condensate) Bill 2008, Second Reading Speech.

[14]      Excise Tariff Amendment (Condensate) Bill 2008, Revised Explanatory Memorandum, p. 9.

[15]      Excise Tariff Amendment (Condensate) Bill 2008, Second Reading Speech.

[16]      Richard Webb, 'Excise Tariff Amendment (Condensate) Bill 2008', Bills Digest No. 114 , 2007–08, Parliamentary Library, Canberra, Australia, 27 May 2008, p. 2.

[17]      Richard Webb, Excise Tariff Amendment (Condensate) Bill 2008, Bills Digest No. 114,    2007–08, Parliamentary Library, Canberra, Australia, 27 May 2008, p. 3.

[18]      Richard Webb, Excise Tariff Amendment (Condensate) Bill 2008, Bills Digest No. 114,    2007–08, Parliamentary Library, Canberra, Australia, 27 May 2008, p. 3.

[19]      Excise Tariff Amendment (Condensate) Bill 2008, Second Reading Speech.

[20]      Excise Tariff Amendment (Condensate) Bill 2008, Revised Explanatory Memorandum, p. 7.

 

Chapter 2 - Reasons for removing the excise exemption

[1]        The Hon Martin Ferguson, Minister for Resources and Energy, House of Representatives Hansard, 17 June 2008, p. 61.

[2]        The Hon Martin Ferguson MP, Minister for Resources and Energy, Media Release, 14 May 2008.

[3]        Mr Paul McCullough, Acting General Manager, Revenue Group, Treasury, Proof Committee Hansard, 11 August 2008, p. E2.

[4]        The Hon Martin Ferguson MP, Minister for Resources and Energy, Media Release, 14 May 2008.

[5]        Andrew Probyn and Shane Wright, 'Tax on NW Shelf fair, says Swan', West Australian, 21 May 2008, p. 16.

[6]        The Hon Kevin Rudd MP, Prime Minister, House of Representatives Hansard, 27 May 2008, p. 3325.

[7]        The Hon Mr Chris Bowen, Assistant Treasurer, House of Representatives Hansard, 15 May 2008, p. 2878.

[8]        Dr Richard Griffiths, Submission 1, p. 1.

[9]        The Hon Martin Ferguson MP, Minister for Resources and Energy, Speech to the South East Asia Australia Offshore Conference (SEAAOC), 17 July, 2008.

[10]      Mr Paul McCullough, Acting General Manager. Revenue Group, Treasury, Proof Senate Hansard, 11 August 2008, p. E2.

[11]      The Hon Martin Ferguson MP, Minister for Resources and Energy, Speech to the South East Asia Australia Offshore Conference (SEAAOC), 17 July, 2008.

[12]      The Hon Martin Ferguson MP, Minister for Resources and Energy, Media Release, 14 May 2008.

[13]      APPEA, Submission 2, p. 13.

[14]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008,       p. E3.

[15]      North West Shelf Venture, Submission 3, p. 6.

[16]      Dr Richard Griffiths, Submission 1, p. 1.

[17]      Carolyn Vigar, Senior Associate, Minter Ellison, 'Parrots, politics and policy: governmental risk in energy and resource projects', available at: http://www.minterellison.com/public/connect/Internet/Home/Legal+Insights/Newsletters/Previous+Newsletters/A-A-Parrots,+politics+and+policy, accessed 18 July 2008.

[18]      APPEA, Submission 2, p. 13.

[19]      Mr John Hartwell, Head of Resources Division, Department of Resources, Energy and Tourism, Senate Economics Committee Estimates Hansard, 2 June 2008, p. E70.

[20]      Charles Berger, 'The sovereign risk furphy', Online Opinion, available at: http://www.onlineopinion.com.au/view.asp?article=7490&page=1, accessed 15 July 2008.

[21]      Charles Berger, 'The sovereign risk furphy', Online Opinion, available at: http://www.onlineopinion.com.au/view.asp?article=7490&page=1, accessed 15 July 2008.

[22]      The Hon Martin Ferguson MP, Minister for Resources and Energy, Speech to the South East Asia Australia Offshore Conference (SEAAOC), 17 July, 2008.

[23]      Andrew Probyn and Shane Wright, 'Tax on NW Shelf fair, says Swan', West Australian, 21 May 2008, p. 16.

[24]      ABC News 'We weren't consulted on Budget changes: petroleum industry', available at: http://www.abc.net.au/news/stories/2008/05/14/2244387.htm, accessed on 23 June 2008.

[25]      ABC News 'We weren't consulted on Budget changes: petroleum industry', available at: http://www.abc.net.au/news/stories/2008/05/14/2244387.htm, accessed on 23 June 2008.

[26]      Dr Richard Griffiths, Submission 1, p. 2.

[27]      Mr Paul McCullough, Acting General Manager, Revenue Group, Treasury, Proof Senate Hansard, 11 August 2008, p. E3.

[28]      Excise Tariff Amendment (Condensate) Bill 2008, Second Reading Speech.

[29]      The Hon Kevin Rudd MP, Prime Minister, House of Representatives Hansard, 27 May 2008, p. 3325.

[30]      The Hon Martin Ferguson, Minister for Resources and Energy, House of Representatives Hansard, 17 June 2008, p. 61.

[31]      Woodside Petroleum Ltd, 36^th Annual AGM Address, 19 April 2007, available at: http://www.woodside.com.au/NR/rdonlyres/D8FB9B89-0F4F-4AE3-994E-B68A7CD7312A/0/2007AGMaddressbyChairmanandMDCEO.pdf, accessed 1 July 2008.

[32]      Woodside Petroleum Ltd, 37^th Annual AGM Address, 1 May 2008, available at: http://www.woodside.com.au/NR/rdonlyres/E81114CF-9A28-4CE9-B1B9-8F13C872E9F6/0/2008AGMAddressbyChairmanandMDCEO.pdf, accessed 1 July 2008.

[33]      'Woodside reports net profit of A$1,030 million', ASX Announcement, 20 February 2008, available at: http://www.woodside.com.au/NR/rdonlyres/9A85B477-A19C-471E-A5FD-B38D3DA29E8D/0/WoodsidereportsnetprofitofofA1030million.pdf, accessed 28 July 2008.

[34]      'Second quarter report for period ended 30 June 208', ASX Announcement, 17 July 2008, available at: http://www.woodside.com.au/NR/rdonlyres/BB046785-0D6C-4988-A67D-D413CE81790F/0/SecondQuarterReport.pdf, accessed 28 July 2008.

[35]      'Market Wrap 2007–08', The Australian Financial Review, 1 July 2008, p. S12.

[36]      Dr Richard Griffiths, Submission 1, p. 2.

[37]      As noted in the Bills Digest No. 114, the rates of excise on 'old oil' and 'new oil' were reduced on 1 July 2001 by the Excise Tariff Amendment (Crude Oil) Act 2001. The justification for the reductions was that the lower rates might stimulate further evaluation of the fields which were producing 'old oil' and 'new oil'.

[38]      The Hon Martin Ferguson, Minister for Resources and Energy, House of Representatives Hansard, 17 June 2008, p. 61.

[39]      Geoff Winestock, 'NW Shelf windfall to be taxed', Australian Financial Review, 14 May 2008, p. 12.

 

Chapter 3 - Issues raised during the inquiry

[1]        Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E23.

[2]        Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E21.

[3]        North West Shelf Venture, Submission 3, p. 4.

[4]        North West Shelf Venture, Submission 3, p. 3.

[5]        North West Shelf Venture, Submission 3, p. 4.

[6]        Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E35.

[7]        APPEA, Submission 2, p. 7.

[8]        North West Shelf Venture, Submission 3, p. 3.

[9]        Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, pp E1–E2.

[10]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E4.

[11]      Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E36.

[12]      North West Shelf Venture, Submission 3, p. 6.

[13]      APPEA, Submission 2, p. 7.

[14]      Mr Noel Mullen, APPEA, Proof Committee Hansard, 15 July 2008, p. E11.

[15]      APPEA, Submission 2, p. 10.

[16]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008,      p. E13.

[17]      Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E21.

[18]      Information available at: http://www.abc.net.au/news/stories/2008/05/14/2244387.htm, accessed on 23 June 2008.

[19]      Ms Belinda Robinson, APPEA, Proof Committee Hansard, 15 July 2008, p. E12.

[20]      Ms Belinda Robinson, APPEA, Proof Committee Hansard, 15 July 2008, pp E7–8.

[21]      Ms Belinda Robinson, Chief Executive, Mr Noel Mullen, Deputy Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E19.

[22]      Mr Colin Brown, Acting General Manager, Tax Analysis Division, Treasury, Proof Committee Hansard, p. E7.

[23]      North West Shelf Venture, Submission 3, p. 3.

[24]      Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, pp E28–29.

[25]      Prime Minister, The Hon Kevin Rudd MP,  House of Representatives Hansard, 26 May 2008, p. 3097.

[26]      Dr Richard Griffiths, Proof Committee Hansard, 11 August 2008, p. E9.

[27]      The White Paper was announced by the Prime Minister on 28 May 2008.

[28]      The assessment will identify key strategic energy security issues in the liquid fuels, natural gas and electricity sectors currently and those likely to influence the level of energy security in 5, 10 and 15 years.  It will consider how the identified strategic issues could affect adequacy, reliability and affordability in each of the energy sectors.

[29]      Available at: http://www.ret.gov.au/energy/facts/Pages/EnergyWhitePaper.aspx and http://www.ret.gov.au/energy/energy_security/national_energy_security_assessment/Pages/NationalEnergySecurityAssessment.aspx, accessed on 31 July 2008.

[30]      APPEA, Submission 2, pp 8–9.

[31]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E2 and Mr Noel Mullen, Deputy Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, pp E9–E10.

[32]      APPEA Submission 2, pp 9–10.

[33]      Mr Paul McCullough, Acting General Manager. Revenue Group, Treasury, Proof Senate Hansard, 11 August 2008, p. E5.

[34]      APPEA, Submission 2, p. 11.

[35]      Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E26.

[36]      Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E34.

[37]      Ms Belinda Robinson, APPEA, Proof Committee Hansard, 15 July 2008, p. E8.

[38]      Western Australia released its domestic gas reservation policy statement in October 2006. It aims to ensure adequate access to domestic gas supplies. The equivalent of 15 per cent of LNG production from export gas projects is required to be reserved for domestic use as a condition of access to WA land for the location of processing facilities. The target of 15 per cent reflects current estimates of future gas needs, estimated gas reserves and forecast LNG production and will be subject to periodic review. Available at: http://www.hawkerbritton.com/hawker-britton-media/public-affairs/western-australia-domestic-gas-policy.htm accessed 21 July 2008.

[39]      'Condensate Exemption hits Woodside hard', Sydney Morning Herald, available at: http://news.smh.com.au/business/condensate-exemption-hits-woodside-hard-20080514-2e2l.html, accessed 21 July 2008.

[40]      Dr Richard Griffiths, Proof Committee Hansard, 11 August 2008, p. E15.

[41]      Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E27.

[42]      Mr Colin Brown, Acting General Manager, Tax Analysis Division, Treasury, Proof Committee Hansard, 11 August 2008, p. E3.

[43]      Mr Colin Brown, Acting General Manager, Tax Analysis Division, Treasury, Proof Committee Hansard, 11 August 2008, p. E7.

[44]      The Hon Chris Bowen, Assistant Treasurer, House of Representatives Hansard, 15 May 2008, p. 2880.

[45]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, pp E7­–E8.

[46]      APPEA, Submission 2, pp 11–13.

[47]      North West Shelf Venture, Submission 3, p. 5.

[48]      North West Shelf Venture, Submission 3, p. 5.

[49]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E2.

[50]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E14.

 

Coalition Senators’ dissenting report

[1]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E13.

[2]      Source: ABARE

[3]      Hon Martin Ferguson MP, Minister for Resources and Energy, Plenary Address at APPEA’s 48^th Annual Conference, 7 April 2008.

[4]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E2.

[5]      Mr Matthew Flavel, Acting General Manager, Business Tax Division, Treasury, Proof Committee Hansard, 11 August 2008, p. E6.

[6]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E1.

[7]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E4.

[8]      Mr Noel Mullen, Deputy Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E4.

[9]      Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E9.

[10]    North West Shelf Venture, Submission 3, p. 4.

[11]    Tax on NW Shelf fair, says Swan, The West Australian, 21/05/2008, page 16.

[12]    Mr Paul McCullough, Acting General Manager, Revenue Group, Treasury, Proof Committee Hansard, 11 August 2008, p. E2.

[13]    Mr Paul McCullough, Acting General Manager, Revenue Group, Treasury, Proof Committee Hansard, 11 August 2008, p. E4.

[14]    Mr Paul McCullough, Acting General Manager, Revenue Group, Treasury, Proof Committee Hansard, 11 August 2008, p. E5.

[15]    Woodside ASX Announcement, Imposition of excise on North West Shelf condensate, 14 May 2008

[16]    Mr Hartwell, Head of Resources Division, Department of Industry, Tourism and Resources, Senate Estimates, Economics Committee Hansard, 31 May 2005, p. E7;

[17]    Ms Eve Howell, Chief Executive Officer, North West Shelf Venture, Proof Committee Hansard, 15 July 2008, p. E19.

[18]    North West Shelf Venture, Submission 3, p. 10.

[19]    Mr Noel Mullen, Deputy Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E7.

[20]    Andrew Probyn, ‘Woodside threatens to pass on proposed tax to WA households’, The West Australian, p. 1.

[21]    Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E8.

[22]    Andrew Probyn and Robert Taylor, ‘Woodside gas threat not fair: Premier’, The West Australian, 21 August 2008, p. 4.

[23]    Mr Colin Brown, Acting General Manager, Tax Analysis Division, Treasury, Proof Committee Hansard, 11 August 2008, p. E3.

[24]    Ms Belinda Robinson, Chief Executive, APPEA, Proof Committee Hansard, 15 July 2008, p. E13.

[25]    Mr Kevin Rudd, Federal Labor Leader, Doorstop Interview with Stephen Smith, Shadow Minister for Education and Training at Thornlie Senior High School, 2 August 2007.