The Grattan Institute says a windfall profit tax on gas into the domestic market would help deliver affordable gas to manufacturers and businesses.
The Albanese government should introduce a windfall profit tax on LNG exporters as part of its redesign of theAmid ongoing warnings of a
It said a windfall profit tax on the domestic sales of LNG producers, set by a reference price from the Australian Competition and Consumer Commission, would be the best way to ensure competitively priced gas was offered to local businesses and the manufacturing sector. He said a reference price, which could be a market price of gas before the war in Ukraine rather than the current LNG netback price, would determine when a windfall profit tax kicked in.
In May, the UK government introduced a windfall profit tax on big oil and gas companies. It is estimated to raise £5 billion in its first year.– which would come into effect on January 1 – unless the big gas producers could deliver more gas into the domestic market. The ADGSM has never been used since it was introduced in 2017.
It backed a price trigger as part of a revised ADGSM, saying there was still plenty of affordable gas that was now heading overseas. The EUAA said a shorter activation time, such as three months, for the mechanism should not impact LNG exports.
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