The federal government should immediately place a 25% super profits levy on all Australian gas exports, the Australian Conservation Foundation said.
Media is reporting that the Prime Minister’s Department has requested options to impose a new levy on gas companies, as the government tries to shield Australians from the economic shock of the Middle East war.
“It’s time to stop big gas greed,” said ACF CEO Adam Bandt.
“It’s disgraceful that oil and gas corporations are profiteering from human and environmental destruction by hiking their prices.
“In the coming Budget, the federal government can and should tax big gas corporations to fund cost of living relief.
“The same corporations driving the climate crisis are fuelling the cost of living crisis.
“The global energy shock sparked by the war in Ukraine enabled gas exporters to more than double profits from their Australian operations. They reaped a staggering $92.8 billion in 2022.
“Research shows a 25% windfall profits tax would have captured and redirected around $23 billion in additional revenue in 2022.
“The federal government can provide relief for Australians being stung by high prices at the petrol station and the supermarket checkout by reining in the greed of the gas giants.
“We can free ourselves from greedy corporations by opting for cars, houses and industry powered by the sun and the wind.
“Governments don’t go to war over the sun and the wind.
“Wind and solar farms in Australia – built in the right places for nature and with the consent of Traditional Owners – provide independent energy. And the price of the electricity they generate doesn’t vary with the tragic circumstances of war.”
Image of Woodside's North West Shelf gas hub courtesy Save Our Songlines
