Kevin Gallagher believes the UK’s levy on oil and gas profits could spur additional supplies of much-needed fossil fuels.
Australian gas giant Santos has cautiously backed the UK’s oil and gas “windfall profits” tax because it includes powerful “use-it-or-lose it” investment incentives to unlock more energy, putting pressure on Labor to reconsider its rejection of the idea.
The UK government’s plan effectively manages the trade-off of funding increased welfare payments – which will mean around 8 million low-income households receive £650 in two instalments this year, with another 8 million pensioners receiving £300 – by giving oil and gas firms an 80 per cent new investment allowance break.Mr Gallagher, who made the unreported remarks at a function last week, indicated that he did not support a tax that was not also accompanied by an investment incentive.
Industry groups and energy companies are carefully watching developments in the UK and Canberra as policymakers scramble to manage a leap in energy costs that threatens to derail household spending and crunch industry. Gas company executives at a Credit Suisse forum in Sydney on Tuesday defended their record as Australian taxpayers.
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