A gas tax hike is expected to bring a modest bump to federal government coffers.

The Australian government has announced changes to a key tax levied on gas exporters aimed at generating additional revenue over the next few years. 

The move follows complaints that not enough revenue was coming back to Australians from the sale of Australian gas, despite the fact that the export price of gas jumped from about $2 a gigajoule in 2020 to a peak of $66 a gigajoule in mid-2022. 

The tax in question is the Petroleum Resource Rent Tax (PRRT). The PRRT taxes profits at 40 per cent, but has a generous deductions scheme in place, and some companies have suggested they may never pay PRRT on gas revenue from certain projects. 

The government's change aims to ensure projects cannot avoid paying PRRT entirely, and make companies pay the tax sooner than they might have otherwise. 

Currently, companies can deduct their capital costs from 100 per cent of their project income. 

Under the proposed change, they would only be able to claim against 90 per cent of their income, leaving 10 per cent of income that can be hit with the PRRT. 

It is expected the change will bring in an additional $2.4 billion over the next four years. 

Treasurer Jim Chalmers said it is a modest change that strikes the right balance between getting more revenue out of the sector, without harming its viability. 

The gas industry has been generally supportive of the change, with the chief executive of gas industry body APPEA, Samantha McCulloch, saying the sector is pleased to have an outcome they can work with. 

However, some believe the government has not gone nearly far enough to ensure Australians enjoy the benefits of the resources mined from their land.