Albanese government urged to adopt windfall profits tax after LNG exporters’ $40bn bonanza

Australia Institute says the tax would be a responsible way for Australians to receive a fair return for exploitation of gas resources

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Australia's liquefied natural gas exporters will snare windfall profits of as much as $40bn this year alone in the wake of Russia's war on Ukraine, offering the government a chance to fund key programs by taxing some of the excess earnings, the Australia Institute says.

Analysis by the thinktank found domestic gas prices doubled from $7.50 a gigajoule in 2020-21 to $16.20/GJ in 2021-22 even though the invasion happened two-thirds of the way through the year. During the current year, prices will average $19.90/GJ.