Noah Schultz-Byard
Director of Strategic Partnerships
The Labor government has just joined with the Greens in the Senate and voted to set up a Parliamentary inquiry into how gas is taxed (or to be more accurate – how it is not taxed) in Australia.
The inquiry will report before the Federal Budget in May and will provide an opportunity to investigate how our approach to taxing gas exports all went so wrong and what might be done to fix it.
This is good news because a proper, fair dinkum inquiry into gas taxes in this country is long overdue.
So, what should this new inquiry look into? Fortunately, the Australia Institute has been thinking about this stuff for a while now and we reckon there are a lot of things that need investigating, including:
$68 Billion in lost revenue
Our research shows if a proper, 25% gas export tax had been implemented in 2022, it would have captured up to $68 billion in increased revenue from gas projects by now. This inquiry should get to the bottom of why that money went to multinational gas companies, and not into Australian schools and hospitals.
Want to know how much money we’ve missed out on? You can keep up to date, in real time, via the Australia Institute’s Gas Giveaway Tracker!
How much cheaper would domestic gas have been with a proper export tax?
If we had a proper gas export tax, multinational companies would have been incentivised to sell more of their product domestically, driving down the cost of electricity over recent years.
How much could Australian families have saved on their electricity and gas bills? That sounds like something a Parliamentary inquiry should be interested to know!
Major Gas Companies and Their Long Tax Holidays
The inquiry could investigate why Santos sold nearly $47 billion in gas over a decade without paying corporate tax, per ATO data.
And while it’s at it, the inquiry could also investigate why Ichthys LNG notched $43 billion in sales with zero corporate tax paid for six years.
Nurses Pay More Tax Than the Gas Giants? Huh?!
Yep. Over 10 years to 2023-24, nurses paid $7 billion more income tax than oil and gas companies combined, Institute calculations reveal. Inversely, a fair gas export tax could fund the training and recruitment of more nurses across the country.
And Beer Drinkers Pay More Tax Than the Gas Giants?
Do beer drinkers pay more tax than gas companies? Yes, they do!
Independent Senator David Pocock recently asked Treasury officials whether beer excise raised more money than a key tax on the gas industry, Australia’s Petroleum Resource Rent Tax (PRRT). A video of the response – that yes, more money comes from beer excise than PRRT – went viral.
This inquiry could aim to understand why this sad start of affairs has existed until now and figure out how to correct the imbalance.
$40 Billion Ukraine War Bonus
LNG producers in Australia made up to $40 billion of windfall profits in FY 2021-22, thanks to soaring global gas prices due to the war in Ukraine. Australians got virtually nothing.
This inquiry should investigate how a 25% export tax would make sure that doesn’t happen again with the current war in Iran.
ACTU’s 25% Export Tax Game-Changer
Analysis by The Australia Institute reveals that replacing the broken Petroleum Resource Rent Tax (PRRT) with a flat 25% tax on gas exports, as suggested by the ACTU, would raise more than $17 billion a year, enough to quadruple Commonwealth spending on housing.
And while I’m at it, it would also be good if this inquiry could help us understand: How much in extra profits and dividends flowed overseas, and how much foreign companies have made on-selling Australian gas, and…
Well, you get the idea.
The gas industry faces serious questions. And this inquiry offers Australians a real chance to get them on the record.
Comments (10)
-
Marl
Mon, 30.03.26
16.06 AEDT

Political donations and gas companies. Part I: INPEX Rod CampbellResearch Director Why have the major parties been slow to respond on taxing the gas industry? No doubt there are many reasons, but one... The Point Live
-
Sam
Mon, 30.03.26
15.57 AEDT
“Pedophile supporter”. The utter mess which is the Victorian Liberal Party continues The man who defeated Victorian Liberal Moira Deeming in a weekend preselection battle is refusing to step down, despite revelations he provided a character reference... The Point Live
-
Cath
Mon, 30.03.26
15.38 AEDT
Treasurer leaves door ajar for reducing huge tax breaks for property investors Independent Member for Mackellar, Sophie Scamps: For too many young people and families, the dream of owning their own home, has become nothing more than... The Point Live
-
Michael Cowan
Mon, 30.03.26
14.32 AEDT
Will the excise cut impact inflation? The Shadow Treasurer wants to know. Shadow Treasurer, Tim Wilson: My question is to the Treasurer. An hour ago, the government followed the coalition and announced a fuel excise cut. Can... The Point Live
-
Sue
Mon, 30.03.26
13.56 AEDT
I’m confused … spend or don’t spend … fill up or get the bus? So the Reserve Bank thinks I should stop spending so much (try telling my 9-year-old to eat less), so they put my mortgage interest rates... The Point Live
-
Gregory Shearman
Mon, 30.03.26
12.41 AEDT
-
Sam
Mon, 30.03.26
11.33 AEDT
-
Richard
Mon, 30.03.26
11.19 AEDT
-
Eira
Mon, 30.03.26
10.54 AEDT
-
Cath
Mon, 30.03.26
09.36 AEDT

The cost of doing nothing. Every week Australia delays a gas export tax costs the nation $350m, according to new Gas Giveaway Tracker. Every week the federal government delays implementing a 25% gas export tax costs the Australian public around $350 million in revenue, new research from The... The Point Live
Join the conversation
https://live.thepoint.com.au/2026/03/the-point-live-national-cabinet-to-discuss-fuel-food-affordability-and-supply-andrew-hastie-pushes-coalition-to-embrace-reality/?post=49702567e8
This goes to show that when business / politicians say that taxing these companies mean they will leave, they mean the donations will leave and that's what they're worried about.
You can understand the confusion. John Howard and Tony Abbott gave character references for George Pell after he was convicted.
No matter how much the Liberal party tries to reposition themselves the reality is most of them are more sympathetic to abusers than victims. I think most of them are more understanding of Grace Tame's abuser than they are of Grace Tame.
If there is a reduction in tax breaks for property investors, wouldn't this be beneficial to the budget?
The Shadow Treasurer claims that any potential inflationary impact of their proposal to cut the fuel excise levy would offset by cuts to subsidies provided to programs such as home battery purchases and EV car rebates tends to overlook one important issue - the fuel excise applies to an everyday necessity whereas their proposed savings ideas apply to discretionary spending.
What’s to say that even without the rebates/subsidies being removed; the current price of petrol may still make EVs more price competitive?
Thank goodness someone else feels that way - how is anyone supposed to "do the right thing" when those with the powrr can;t even decide what that is? It looks a lot like they think the "right thing to do" is whatever is good for them.....
Jura machine is back from the doctors. Moka Pot is put away for the next breakdown... but with a new seal and filter to replace the perished old ones.
We're a bunch of happy coffee freaks here.
Good luck with the book Amy.
I heard Penny Wong repeat in parliament that Iran attacked Australia twice, citing the bakery and the synagogue fires. Now, I've never seen any evidence to support this claim. Wong cites "credible intelligence" but refuses to provide us with this evidence. It would seem an incredibly stupid thing to do.... set a bakery and synagogue alight.... It would have only hurt the cause of the Iranian government... and they don't seem to be a stupid administration. Why would they hurt their own cause with such petty and stupid actions? There is only one group that would benefit from these fires. The Israeli Zionists.
So, Wong... how about you show us this "credible intelligence" or at least tell us the source of this "credible intelligence" so that we, the voters can assess the "credibility" of this "intelligence".
Wong's credibility is completely shot. There is no excuse for the war on Iran. It is a crime. Why doesn't our government say something?
Husic is right. These multinationals are essentially trying to claim that Australia is less stable than Qatar. A country that has managed to secure far greater royalties from their gas and is also now in a war zone.
Great to see WellDoneAngus now out of the blocks and running hard for dickhead de jour.
We all knew he could do it and would do it, even though it's stupidity that he should do it.
Good luck with the writing Amy! Go Glen!
How sobering it is to see the dollars quickly tick over.
If the budget is expected to be a rough one, wouldn't a 25% gas export help ease the pain a little bit?