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PM Cool on Gas Tax as Companies Prepare for Grilling
Albanese says existing gas taxes are already substantial as Labor MPs and activists press for a 25% levy on LNG profits.
- Prime Minister Anthony Albanese signaled his government will likely not impose a new tax on gas giants in the May budget, despite calls from some Labor MPs for a 25 per cent levy.
- Woodside, Chevron, Santos, INPEX, and Australian Energy Producers will argue at Friday's Greens-led senate hearing that new taxes would stifle investment and cost jobs.
- Defending the current Petroleum Resource Rent Tax regime, INPEX argued that low early-year payments reflect intentional design rather than tax avoidance; companies pay about $22 billion annually.
- Chevron argued that "stability in fiscal settings is critical," warning that introducing an additional tax on LNG exports would increase perceptions of sovereign risk and reduce Australia's investment attractiveness.
- Climate Analytics argues the energy crisis presents a rare opportunity for structural changes, stating any taxation adjustment should support a "managed decline in Australian fossil gas use" rather than capturing windfall profits.
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Coverage Details
Total News Sources13
Leaning Left3Leaning Right1Center1Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 20%
R 20%
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