Predicted $27bn wartime windfall for Australian LNG exporters reignites calls for new gas tax
News Source
β’Fri, 03 Jul 2026 06:54:40 GMT
π° What Happened
Australian LNG exporters are set to earn an extra $27 billion from the Middle East conflict. New government estimates show export earnings for 2026-27 will be $67.6 billion. That is $21 billion more than predicted just six months ago. The conflict has shut down gas facilities in Qatar and sent world prices soaring.
Independent senator David Pocock says this proves Australians are 'missing out on a fair return'. He is pushing for a new gas tax. Australia is one of the three biggest LNG exporters in the world. But it collects far less tax on gas than countries like Norway and Qatar.
π The Backstory
The Albanese government had been considering higher taxes on gas exports. But plans were shelved after the US and Israeli attacks on Iran. The government did not want to make changes during a global energy crisis. Iranian missile attacks in March shut down Qatari gas facilities and flipped the global market from too much supply to too little.
Australia has long been criticised for its weak gas tax system. Other resource-rich nations get much more money from their gas industries. The debate is about whether Australian taxpayers should get a bigger share of the profits. Gas companies argue higher taxes would hurt investment. Supporters say the current system lets companies get rich at the public's expense.
π― Why It Matters
When gas companies make huge profits from global conflicts, you should know whether your country gets a fair share. This money could fund schools, hospitals, or lower your power bills.
Australian LNG exporters are set to earn an extra $27 billion from the Middle East conflict. New government estimates show export earnings for 2026-27 will be $67.6 billion. That is $21 billion more than predicted just six months ago. The conflict has shut down gas facilities in Qatar and sent world prices soaring.
Independent senator David Pocock says this proves Australians are 'missing out on a fair return'. He is pushing for a new gas tax. Australia is one of the three biggest LNG exporters in the world. But it collects far less tax on gas than countries like Norway and Qatar.
The Albanese government had been considering higher taxes on gas exports. But plans were shelved after the US and Israeli attacks on Iran. The government did not want to make changes during a global energy crisis. Iranian missile attacks in March shut down Qatari gas facilities and flipped the global market from too much supply to too little.
Australia has long been criticised for its weak gas tax system. Other resource-rich nations get much more money from their gas industries. The debate is about whether Australian taxpayers should get a bigger share of the profits. Gas companies argue higher taxes would hurt investment. Supporters say the current system lets companies get rich at the public's expense.
When gas companies make huge profits from global conflicts, you should know whether your country gets a fair share. This money could fund schools, hospitals, or lower your power bills.