	australian oil tax cut seen boosting output a percentage point reduction in the australian government s maximum  oil levy on old oil would stabilize bass straits oil output resources analyst ian story said here a reduction to pct from pct would enable bass strait output to be maintained at the current rate of barrels per day bpd for the next year rather than falling to bpd in he told the australian petroleum exploration association annual conference story is an analyst with and a director of sydney stockbroker meares and philips ltd windfall profits taxes on bass strait  are no longer appropriate in the current economic climate story said the maximum pct levy on old oil that discovered before september is now forcing the broken hill pty co ltd brkn s exxon corp xon partnership to shut in production accelerating the decline in output and reducing government revenue he said he said the producer return per barrel at a price of australian dlrs a barrel would rise to dlrs from dlrs if the levy was cut to pct the economics at an pct levy are simply not attractive at oil prices below dlrs story said cutting the maximum levy rate to pct would create higher levels of self sufficiency increase government revenue boost exports and provide incentives for exploration and development he said the government is currently reviewing the oil tax structure reuter 
