2026-04-29
Speaking at an industry event this morning, the Prime Minister stopped short of ruling out a gas export tax in the budget.
Asked specifically why he only referred to ‘not undermining existing contracts in the budget’, the Prime Minister equivocated and said the only thing he’s concentrating on is supply. (Exchange transcribed below).
While he attempted to dampen expectations, it is clear the Prime Minister is feeling the pressure of the massive national momentum in support of a minimum 25% gas export tax.
While the government has repeated the claim that a gas export levy would threaten international trading relationships, Treasury representatives appearing last week at the Greens-led Senate inquiry confirmed that due to the global market price settings used in both long term contracts and the spot market, “the burden of any tax change would be more likely to fall on the producers” than the consumers.
Lines attributable to the leader of the Australian Greens, Senator Larissa Waters:
“It's crystal clear the Prime Minister is feeling the heat from Australians who are sick of being ripped off by greedy gas corporations. The massive national momentum for a minimum 25% tax on gas exports is working.
“People are sick of being told we’ll have to accept cuts in this budget while the greedy gas companies make obscene profits from our resources.
“Instead of oblique references to existing gas contracts not being undermined, the Prime Minister needs to apply a minimum 25% tax to all gas exports, which would raise $17 billion a year to help people through a cost of living crisis.
“While the Labor government repeats gas industry talking points, the Greens are naming the awkward truth: Australia’s gas corporations are making obscene wartime profits while everyone else braces for high inflation, rent and mortgage increases and spikes in fuel prices.
“Labor cannot let the gas corporations cry poor while they balance the budget with brutal cuts to services like what we’ve seen in the last week with the NDIS.
“It’s a simple choice for the Prime Minister: greedy gas corporations or people.
“If our Prime Minister caves to pressure from the gas industry, cowardice will be the legacy of the Albanese-Labor government.”
Lines attributable to Chair of the select committee on the taxation of gas resources Senator Steph Hodgins-May:
“This fight is far from over. Public pressure for a gas export tax is growing by the hour, and the Prime Minister knows it so he’s keeping the door open ahead of the budget.
“Silence from the Australian Labor Party is only fuelling public demand for a fair return on our gas.
“Labor can’t keep siding with gas giants while Australians are being squeezed.
“The May Budget is the test. If the Prime Minister believes in this, now is the time to act.”
ENDS
Exchange transcript:
JOURNALIST: So, industry and indeed the Premier have also been asking for certainty on tax. Last year during the election campaign, you promised quote, "no new additional taxes on resources", but this morning you're going to guarantee the Budget won't impact current contracts. Why not today rule out a windfall profits tax on gas? And if you don't, is that a broken promise?
PRIME MINISTER: Well, there have been no windfall profits. Gas prices remain the same as they've been. So, some of this debate you've fallen into with the question. We've made very clear our position. The only thing I am concentrating on when it comes to fuel is supply