Australia’s gas giants are raking in the profits from the war in Ukraine, according to the independent Australia Institute.
Liquefied natural gas (LNG) profits were up to $40 billion extra in the 2021/22 reporting year, with almost no increase in the cost of production, according to research released on Wednesday.
However, taxpayers are missing out on a fair share of the money made on Australian gas sold overseas, which has been boosted by “war profits” since Russia’s invasion of Ukraine, institute head Richard Denniss said.
An Australia Institute survey in June found two in three (67 percent) Australians support the introduction of a windfall, or one-off, levy on oil and gas profits with revenue raised to help households and businesses pay bills….