THE Government has rammed through the Lower House a controversial new oil excise, which the Opposition has branded a "grubby tax grab".

The measure, which has upset Woodside Petroleum and other North-West Shelf joint venturers, ends a 31-year-old excise exemption on condensate.

Condensate, light crude oil extracted from natural gas, will now be taxed in the same way as crude oil, with a top rate of 30 per cent when production exceeds five million barrels a year.

The measure, announced in last month's Budget, is expected to raise $2.5 billion during the next four years. ... Read full article