Woodside has reported a revenue jump of nearly 30 per cent to $6 billion over the past three months, with the company branded “one of the Australia’s biggest winners” from the war in the Middle East.
Dr Richard Denniss, co-CEO at The Australia Institute, said the soaring war profits of Woodside and other gas exporters was an opportunity for Labor to enact its pledge to get a fair return for Australia’s resources, which is now part of Labor’s Party Policy Platform.
“This week we hear that gas export profits have soared, while just last week Labor declared it would seek a fairer return for Australian gas. What great timing,” said Dr Denniss said.
“Media outlets are describing gas export companies as Australia’s “biggest winners” of the Iran war. This begs the question of who are Australia’s biggest losers?
“Obviously it is Australians who are giving away their gas to multinationals for free while paying higher prices for petrol.”
Australia Institute research shows that if Labor implemented a 25 per cent gas export tax, it would raise $350 million per week at current prices, or $17 billion per year.
“That is enough to cover the fuel excise discount, which ends on Sunday,” Dr Denniss said.
“Yet again, companies that get Australian gas for free are making windfall profits from a war Australians have nothing to do with.”
