Tax Gas

Prime minister says the middle of a global fuel crisis is ‘the worst possible time to jeopardise’ Australia’s partnerships with Asian trading partnersThe prime minister, Anthony Albanese, has confirmed next month’s federal budget will not include a new tax on existing gas export contracts as he criticised the “populist” campaign calling for a levy on producers.As reported last week, Albanese was poised to reject pressure to introduce a 25% tax on gas exports amid concerns the intervention could alienate the same Asian trading partners Australia is relying on for supplies of diesel and petrol. Continue reading...

David Pocock says prime minister – who is trying to shore up fuel supplies – is parroting industry talking pointsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastLabor is poised to reject a growing push for a new 25% tax on gas exports in next month’s budget, prompting David Pocock to accuse the government of “caving in” to the gas industry.It’s understood the government has elected not to pursue a new tax on gas exports in the budget, prompted in part by the global oil crisis and Anthony Albanese’s diplomatic efforts in shoring up fuel supply from Asian allies by pledging reliable access to liquefied natural gas. Continue reading...

Shell Australia says campaign needed to ‘counter-balance’ claims by levy advocates – but Ed Husic urges industry ‘do not spend millions defending the indefensible’The gas giants are mounting a multi-million dollar advertising campaign to fight against a new export tax, prompting Labor MP Ed Husic to accuse the industry of “defending the indefensible”.Shell Australia is among half-a-dozen oil and gas companies contributing around $1m to an Australian Energy Producers (AEP) campaign that attempts to justify the amount of tax the industry pays, a parliamentary inquiry heard on Wednesday. Continue reading...

ACT independent David Pocock is calling for a 25% tax on gas exports to fund welfare and housing. Follow today’s news liveGet our breaking news email, free app or daily news podcastLabor should use the proceeds of limiting tax concessions for property investors and a crackdown on gas export profits to fund welfare increases and build housing, charities and social service groups say.Ahead of next month’s federal budget, the Albanese government is under pressure to wind back negative gearing rules and the 50% capital gains tax discount for property investments, and to tax more of the profits from soaring commodity exports, pushed up by the global energy shock.People on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential. Continue reading...

Former Treasury secretary says a tax rate was ‘socially optimal’ in submission to a new parliamentary inquiryFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe former Treasury secretary Ken Henry says “self-serving” claims from gas giants about the risks of a windfall profits and export taxes should be ignored by the Albanese government as it weighs up the intervention ahead of next month’s federal budget.In a submission to a new parliamentary inquiry examining the gas taxation regime, Henry made the case for a 100% windfall profit tax as he rejected the assertion that any changes would heighten perceptions of Australia as a sovereign risk and freeze investment in new projects. Continue reading...

Labor is under pressure to impose a new 25% export tax amid soaring prices from the global fuel shockGet our breaking news email, free app or daily news podcastThe bosses of resources giants including Santos, Woodside, Chevron and Shell could be compelled to face an inquiry into export tax settings, as the Greens ramp up pressure on Labor ahead of the budget.The chief executives of the companies, along with the bosses of gas exporters Inpex and ConocoPhillips, have been requested to give evidence to a Greens-led inquiry sitting in Canberra and Perth later this month. Under Senate rules, they could be compelled to attend if they choose not to give evidence voluntarily. Continue reading...

Government, industry and opposition see growing public support for a new gas tax but the industry is fighting backGet our breaking news email, free app or daily news podcastThe gas industry is mobilising in opposition to a potential new tax on the sector as political momentum builds – including among Labor MPs – for the government to use the May budget to prevent producers profiting from the Middle East war.The Australian Energy Producers (AEP) chief executive, Samantha McCulloch, claimed a new tax would punish the same Asian trading partners Australia was leaning on to supply more fuel amid the global energy crisis. Continue reading...