US EditionGas majors warn Australia against taxing LNG windfall profits
The Greens-led inquiry seeks a 25% gas export tax to raise about $17 billion annually, responding to windfall profits from surging global gas prices amid Middle East conflict.
- Australian gas companies have warned against imposing a tax on their windfall profits from liquefied natural gas exports.
- The proposed 25% tax on LNG exports could raise $17 billion per year according to research from the Australia Institute, but energy companies argue it would make Australia uncompetitive for investment.
- With only two domestic oil refineries, Australia relies heavily on imports from Asia to meet its fuel needs, and Prime Minister Anthony Albanese is seeking to secure these supply lines.
20 Articles
20 Articles
Australia could be $68b richer. Now we're in our own energy crisis
Calls are growing for the federal government to change the rules around Australia's natural gas exports, though energy bosses warn a new tax could trigger a crisis of its own.New modelling by The Australia Institute suggested a 25 per cent tax on gas exports could fill the national coffers with almost $350 million a week."The longer we delay implementing a gas export tax, and the longer the government defends the failed PRRT (Petroleum Resource…
Labor Backs Greens Push to Examine Increasing Taxes on Gas Export Profits
A parliamentary inquiry into Australia’s gas export taxation has been launched ahead of the federal budget. Labor joined the Greens on March 30 to establish a committee examining the taxation of Australia’s gas resources, signalling growing openness to changes in the current system. The inquiry comes as global gas prices surge amid the Middle East conflict, placing Australian exporters on track for significant windfall gains and intensifying cal…
The company says that measure would destabilize investments and jeopardise energy security while gas prices fell after the global supply of war in Iran was interrupted.
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