Albanese Confirms No Gas Export Tax Changes

Independent Senator David Pocock stated the Australian government is favoring foreign companies over Australian citizens by rejecting a proposed gas export tax. He also noted a premium could be placed on company tax to target super profits. Prime Minister Anthony Albanese ruled out new taxes on existing gas contracts during a speech to the Western Australia resources sector. Albanese also stated that super profits do not exist, addressing speculation that the Labor government would pursue changes in next month's federal budget. The announcement clarifies the government's position ahead of the upcoming budget release. The Prime Minister noted Australia's reliance on Asian partners for fuel security and their corresponding reliance on Australian exports. He indicated that future changes or adjustments to tax settings remain a possibility. This decision comes amid a global fuel crisis and concerns regarding national fuel security. The government noted that gas exports are directly linked to fuel security and the importance of maintaining investment and international relationships. Prime Minister Anthony Albanese addressed the Chamber of Minerals and Energy to confirm the federal budget will not change tax settings on gas exports to foreign countries. The decision follows calls from the crossbench and social media for a flat 25% tax on gas exports. Albanese stated that implementing such a tax now would be the worst possible timing.