Windfall

Government faces political fight as industry says mooted 25% levy on exports would hurt Australia’s economy and energy securityGet our breaking news email, free app or daily news podcastGas giants will lobby against any federal government moves to introduce a 25% export levy on windfall profits, as crossbenchers pressure the prime minister to redirect billions of dollars in “wartime profits” to Australians struggling amid the global energy crisis.It comes after the prime minister’s department asked Treasury to model the effects of placing a flat 25% tax on gas exports, the ABC reported on Friday, along with any further changes to the petroleum resource rent tax (PRRT) and corporate income tax. Continue reading...

Progressive and green groups join call for tax on major fossil-fuel companies to help offset rising living costsWith big oil companies poised to reap billions of dollars in profits from the war in Iran, Democratic lawmakers and progressive groups are calling for a windfall tax on major fossil fuel companies.The US-Israeli strikes on Iran have triggered the largest ever disruption to fuel supply, according to the International Energy Agency, sending crude costs surging over $100 per barrel in recent days. Those high prices have hit US pocketbooks, with average domestic gas prices topping $3.70 a gallon, and Americans spending more than an additional $2bn to fill their tanks in the past fortnight according to one estimate. Continue reading...

Ukrainian president’s visit coincides with deadline for Roman Abramovich over proceeds from £2.5bn Chelsea saleMiddle East crisis – live updatesKeir Starmer will host Ukraine’s president, Volodymyr Zelenskyy, on Tuesday as the prime minister warns US-Israeli strikes on Iran cannot be allowed to become a “windfall for Putin”.Zelenskyy’s visit will come on the day of the government deadline for the Russian oligarch Roman Abramovich to pay proceeds from his sale of Chelsea FC to victims of the Ukraine war. Continue reading...