The Greens say new analysis showing Australian gas corporations are expected to receive an additional $18 billion windfall over the next year reinforces what has become increasingly clear: global conflict is delivering extraordinary profits to multinational gas companies while Labor continues to refuse to make them pay their fair share.
The USA and Israel's war on Iran, and instability around the Strait of Hormuz, has sent global gas prices soaring, strengthening the case for a minimum 25 per cent gas export tax.
As stated by Greens' resources spokesperson, Senator Steph Hodgins-May:
"This confirms what many suspected: multinational gas corporations are set to make enormous windfall profits from a global conflict, while Australians continue to be ripped off.
"These war-driven windfall profits are about to arrive, and Labor is still refusing to make the gas giants pay what they owe.
"Multinational gas corporations are set to pocket an extra $18 billion from Australian gas exports off the back of Trump's bloody war on Iran, while Australians continue to be ripped off.
"Australians did not ask for this illegal war. But if the government had the courage to stand up to the gas lobby and introduced a 25 per cent gas export tax in May's Budget, billions of dollars from this windfall could be flowing back into lower energy bills, stronger public services and real cost-of-living relief instead of into offshore profits.
"Instead, these extraordinary profits will largely flow offshore while Australians get short-changed from the resources they own.
"Every day Labor delays is another day multinational gas corporations make blood-soaked profits from resources Australians own, while families are told there's no money for the services they rely on.
"The momentum for a gas export tax is only growing. It's not going away. Now is the time for Labor to stop protecting the gas lobby and start delivering Australians a fair return for the gas they own."
