Middle East conflict pushes up yields, Australia initiates natural gas tax review

As one of the world’s top liquefied natural gas exporters, Australia will launch an investigation to review the tax policies of oil and gas companies such as Chevron, Woodside Energy Group, and Santos. The conflict in Iran has pushed up energy prices, delivering huge windfall gains to energy producers.

On Monday, Australia’s Senate agreed to form a special committee to examine the tax policies of the oil and gas industry. Governing Labor Party senators backed a related motion put forward by the Greens.

The committee will be led by Greens senator Steff Hawking - May. Last week, she called for a tax of at least 25% on gas exports; according to her estimates, the proposal could raise about 17 billion Australian dollars (equivalent to $11.6 billion) in fiscal revenue each year.

As the conflict in the Middle East drives global energy prices to skyrocket, large energy companies’ profits have surged. The debate within Australia over whether to raise resource export taxes is becoming increasingly heated. Some politicians, unions, and advocacy groups are calling for higher tax rates, including the introduction of a windfall profits tax, arguing that export firms are benefiting from wartime price spikes.

Greens leader Senator Larissa Waters said on Monday: “This investigation will thoroughly scrutinize those large gas companies that are evading taxes, expose their excuses for not paying taxes, and build consensus for more fair-minded tax policies in the budget that’s coming. ‘As people struggle to pay their bills and the cost of living surges, gas companies should not enjoy the upside while dodging their tax obligations.’”

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责任编辑：王永生