Woodside's third quarter update, released today, reveals it charged 40% more for its products, predominantly liquified natural gas (LNG), over the past year.
The giant polluter has been branded "one of Australia's biggest winners" from the war in the Middle East and today's result proves that while ordinary Australians are struggling, Woodside is profiting handsomely from the US military action against Iran.
Greg Jericho, Chief Economist at The Australia Institute, says the obvious answer to ensuring Australians get a fair share for their resources is to introduce a 25% tax on gas exports.
Australia Institute research shows the tax, initially proposed by the Australian Council of Trade Unions, could raise $17 billion a year.
"Huge profits yet again for Woodside, while governments tell Australians that they can't have the health care that they want," he said.
"Woodside gets huge amounts of Australia's gas for free, while disabled Australians get their NDIS supports cut.
"A 25% gas export tax would give Australians a fair return on their gas, while also reducing Australia's gas prices."
Polling conducted by the RedBridge Group shows support for taxing gas export extends across party lines, including among voters often seen at opposite ends of the political spectrum, such as the Greens and One Nation.
"The government's gas reservation scheme will not raise a cent for the Australia public and will barely affect Woodside," Dr Jericho said.
"Taxing gas is a 'no brainer' according to most economists, including Nobel Prize winner Joseph Stiglitz, yet the Australian government continues to let profits go offshore.
"The high resource prices that deliver profits for Woodside are the same high prices that the Reserve Bank is using to justify higher interest rates, more expensive mortgages and more unemployment.
"Australians are suffering while Woodside is making bank and it's time that the Australian government addressed this."
