Federal budget: Labor to collect billions more in petroleum resource rent tax

Treasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus

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Labor will cap deductions to collect $2.4bn more in petroleum resource rent tax over four years and boost community services by $4bn through fairer indexation of wage costs.

The two major measures were announced by the treasurer, Jim Chalmers, and finance minister, Katy Gallagher, ahead of Tuesday’s budget, which is expected to be at or near surplus.

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