Anthony Albanese rules out gas export tax on existing contracts and criticises ‘populist’ campaign
Summary
Prime Minister Anthony Albanese said the upcoming federal budget will not add a new tax on existing gas export contracts. He criticized calls for this tax as harmful during the global energy crisis and emphasized the importance of gas exports for Australia’s fuel supply and international trade relationships.Key Facts
- The Australian government will not tax existing gas export contracts in the next budget.
- The proposed tax would have been a 25% levy on gas exports.
- Albanese warned that taxing gas exports now could hurt Australia’s trade with Asian partners.
- Gas exports are linked to Australia’s fuel security amid the global energy crisis.
- Some groups want to replace the current petroleum resource rent tax (PRRT) with a new export tax.
- The government changed the PRRT in 2023 to increase revenue from gas companies.
- Albanese said the current tax system supports large investments needed to produce gas.
- The prime minister described calls for the export tax as "populist" and said they ignore important facts.
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