Australia Rules Out Gas Export Windfall Tax
Australian Minister Don Farrell indicated that the Labor government is unlikely to implement a 25% windfall profits tax on gas exports in the upcoming budget. While some lawmakers have called for the tax to generate $17 billion annually, senior sources suggest there is a growing consensus against hiking taxes on LNG amid a global oil crisis. The final decision is expected to be revealed in the federal budget in two weeks. Prime Minister Anthony Albanese confirmed the upcoming budget will not include a tax on gas exports. The announcement follows recent social media scrutiny and a Senate inquiry regarding the issue. Albanese stated that gas exports are directly linked to national fuel security. He also ruled out changes to existing contracts during a speech in Western Australia. The Prime Minister noted that jeopardizing investment during a global fuel crisis would be detrimental.
Topics
Developing
- 862d Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore.
- 862d Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
- 862d Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est.
- 862d Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium.
Sources · 7 independent
ABC NewsRadio AU
“Requested Treasury to model options for a windfall profits tax on gas companies, as well as options for further to further reform”
ABC NewsRadio AU
“I can confirm that the budget will not tax on gas exports dominating social media headlines and the subject of a Senate inquiry in recent weeks, Mr Albanese also used his speech in Western Australia to rule out changes to existing contracts.”
Unlock the full story
Get a Pro subscription or above to see the live story progression and the full list of independent sources confirming each event as they happen.
Log in to upgrade