Australia will launch an inquiry into the tax arrangements of major oil and gas firms, including Chevron, Woodside and Santos, as rising energy prices fueled by international conflicts generate substantial profits for producers.
Tax Treatment of Oil and Gas Firms Under Scrutiny
The Australian Senate agreed Monday to establish a select committee to examine the tax treatment of oil and gas companies, with support from Labor senators and a motion by the Greens party.
Greens senator Steph Hodgins-May will lead the committee. Last week, she proposed a tax of at least 25% on gas exports, estimating it would generate approximately $17 billion in annual revenue.
The move comes amid a growing debate in Australia regarding increased taxes on resource exports, as global prices surge due to the conflict in the Middle East and boost profits for major producers. Calls for higher levies, including a potential windfall tax, have come from politicians, unions, and advocacy groups.
“This inquiry will put the rich tax-dodging gas corporations under the microscope, dismantle their excuses for paying no tax, and build momentum for fairer tax in the upcoming budget,” said Greens leader Senator Larissa Waters Monday.
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