Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth
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Liberal frontbencher Andrew Hastie has expressed openness to implementing a new 25% tax on gas profits, suggesting it could help establish a sovereign wealth fund for Australia. He argues that such a fund would benefit future generations and strengthen the federal budget amid ongoing global energy challenges. The Albanese government is reportedly considering this tax alongside potential modifications to existing petroleum resource rent taxes and corporate income taxes.
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The discussion around taxing gas profits comes at a time when Australia faces significant economic pressures due to the global energy crisis. As energy prices soar, the government is under increasing pressure to find ways to manage its budget while also addressing the cost of living for Australians. The idea of a sovereign wealth fund is not new but has gained traction as a viable solution to ensure long-term financial stability.
This article reflects the views and opinions of the author and does not necessarily represent the views of The Guardian.
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