Australia's tax crackdown on oil and gas firms raises $11.6 billion in revenue

A crackdown by the Australian Taxation Office (ATO) on oil and gas companies has resulted in a significant increase in tax revenue, totaling $11.6 billion for the 2022-23 fiscal year, up from $1.5 billion in 2021-22. This surge contributed $4.3 billion to the federal budget. Major companies like Chevron and ExxonMobil have seen their tax payments rise dramatically. Chevron paid $4.3 billion in tax on $24.2 billion in revenue, while ExxonMobil paid $844.5 million on $25.7 billion in revenue, compared to previous years when they paid little or no tax. The ATO's efforts, which began in 2016, have raised $33.2 billion from multinational businesses. However, some large companies, including Qantas and several oil and gas firms, reported significant income but paid no tax in 2022-23.