AUSTRALIA'S liquefied natural gas industry is forecasting it will almost triple its financial contribution to the public purse this financial year and has welcomed an agreement between the federal government and three major LNG projects that will prevent a domestic gas supply shortfall in the eastern states. New preliminary forecasts, compiled by the Australian Petroleum Production & Exploration Association (APPEA), reveal the LNG export sector is estimated to pay about A$13 billion (US$8.3 billion) during 2022-23 - up from A$4.8 billion forecast for the last financial year. The total includes corporate income tax, the petroleum resource rent tax (PRRT), state royalties and excise for companies who operate with 30 December 2022 financial years or 30 June 2023 financial years. APPEA chief executive Sam-antha McCulloch said the A$9 billion increase in taxes and royalties would help "bankroll public roads, schools and hospitals".
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