MELBOURNE, Nov 30 (Reuters) - Australia's treasurer launched a review on Wednesday of the nation's petroleum resource rent tax (PRRT) and crude oil excise tax in time for next year's budget, as revenue from the taxes has slumped over the past three years.
"To help better protect Australia's revenue base and ensure that companies are paying the right amount of tax on their activities in Australia the government will conduct a review into the operation of the Petroleum Resource Rent Tax (PRRT), crude oil excise and associated Commonwealth royalties," Treasurer Scott Morrison said in a statement.