Woodside records $6 billion revenue jump off back of war in Middle East

Oil and gas giant Woodside has reported $6 billion in revenue over the past three months, an increase of nearly 30 per cent.

It has led some media outlets to label the fossil fuel company as “one of Australia’s biggest winners” from war in the Middle East.

There are now renewed calls for Labor to enact the pledge to get a fair return for Australia’s resources, which last week became part of the party’s 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,” Dr Richard Denniss, co-CEO at the Australia Institute, 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.”

The Australian Council of Trade Unions have proposed a 25 per cent tax on gas exports, which research shows could raise $17 billion a year in revenue.

The idea has gained momentum, with voters across the political spectrum in support of the idea.

More than 75,000 people have also signed a petition calling on Labor to hold a national plebiscite into the issue.

With the fuel excise discount set to be scrapped on Sunday, Dr Denniss pointed out a gas exports tax would raise more than enough to keep the discount going.

“Yet again, companies that get Australian gas for free are making windfall profits from a war Australians have nothing to do with,” Dr Denniss said.