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Australian oil & gas companies receive $4bn in subsidies

27 Nov 2014
A new report by the Overseas Development Institute and Oil Change International, has found that Australian coal, oil and gas companies receive $4bn in subsidies.

The report details that exploration by coal and energy companies is subsidised by as much as $4bn every year in direct spending and tax breaks.

The report estimates that G20 countries are subsidising oil, gas and coal explorers by $100 billion annual via grants, loans and tax deductions, with Australia and the United States being paid the highest level of subsidies for exploration.

In Australia, the subsidies include exploration funding for Geoscience Australia and for mining and petroleum exploration.

G20 country spending on national subsidies reached $23 billion according to the report.