Gas Giveaway Tracker reveals $350 million a week lost as pressure mounts for gas export tax

Pressure is mounting on the Albanese Government to introduce a 25 per cent gas export tax, with new figures revealing Australia misses out on almost $350 million in revenue every week.

“If this press conference goes for 10 minutes today, we will miss out on $350,000,” Australia Institute Co-CEO, Dr Richard Denniss, told journalists at Parliament House in Canberra.

Cross-party and independent MPs and senators have thrown their support behind the proposal, joining the Australia Institute to launch its new Gas Giveaway Tracker.

“The longer the Parliament dithers, the more opportunities we miss out on to help Australians dealing with a cost-of-living crisis,” said Dr Denniss.

Former industry minister Labor’s Ed Husic said he had “a number of colleagues come up and indicate support” for the position he has taken.

“We can’t be timid,” he argued. “When we have a resource like this, it should make us an economic superpower.

“This is not a right-wing issue. It’s not a left-wing issue; it is an issue that unites people across the political spectrum, because all Australians believe we should have our gas at our prices.”

The Gas Giveaway Tracker shows, in real time, the revenue being lost while the government fails to act on the ACTU’s proposed 25 per cent gas export tax.

For every hour, about $2 million walks out the door.

Independent MP for Mackellar Dr Sophie Scamps said gas companies are taking advantage of Australia and there is overwhelming public support for Canberra to act.

“If there’s one thing that Australians don’t like, and that’s being treated like a doormat, but that’s exactly how we’re being treated right now,” she said.

“We are being taken for a bunch of mugs by the international gas corporations.”

Australia Institute research shows that if the tax had been enacted in July 2022, it would have already raised $68 billion.

“Imagine all the things that we could buy for our country, all of the hospitals, all of the schools, all of the roads that we could get if we actually made the most of our precious national resource,” said Independent MP Andrew Gee.

He added that political donations are key to understanding any pushback.

“A lot of these gas companies are big donors to the major political parties,” he noted. “If you want to know why there is resistance to this [tax], follow the money.”

ACT Senator David Pocock had a simple message to the multinationals that dominate the sector.

“We are winning. There is such broad recognition that Australians deserve a fair return on the sale of our gas exports.

“To the gas companies, you’re losing this one. We are sick and tired of your BS. We are sick of your scare campaigns, of your ads.

“We heard it from Treasury that we get more from beer excise than from the Petroleum Resource Rent Tax (PRRT).”

He pointed out that even Liberal front bencher Andrew Hastie is open to a new 25 per cent tax.

Mr Hastie told The Guardian last week that “I think a lot of people, Australians, feel like the multinationals don’t have a social license, that they’ve had a really good run of our wealth here, and so I’m sympathetic to that point of view”.

Australia Institute research shows voters across the political spectrum, from One Nation to the Greens, overwhelmingly support the new tax.

Independent MP for Bradfield, Nicolette Boele said failing to introduce the tax would be “fiscally irresponsible”.

“Frankly, I think by choosing not to tax export gas, the government’s choosing not to have the back of Australian people,” she said.

“This is billions … belonging to the Australian people that continues to slip through the cracks and it’s simply not good enough.”

The Prime Minister’s department is considering modelling options for a new levy, as Treasurer Jim Chalmers prepares to hand down the budget in May.

Mr Husic noted that the gas companies are “already ramping up their ad campaigns” and “pouring in millions to try and scare us off”.

Australian Energy Producers Chief Executive Samantha McCulloch said the Commonwealth would be imposing a new tax at “the worst possible time” and argued it would undermine investment.

However, Greens Senator for Victoria Steph Hodgins-May said the proposal has strong support.

“We have got multi-party support for this really important and very popular policy initiative. It’s time to make the big polluters pay.”

WA Senator Fatima Payman agreed and added, “This is the right time for us to be pushing for this gas exports tax. It’s not a lot we’re asking for.

“This revenue could actually go into improving productivity outcomes for the naysayers and anti-tax doomsayers.”

Mr Husic said it would be a “missed opportunity” if the government fails to introduce the tax in this year’s budget but cautioned it would not be the end of the proposed levy.

“Just because something hasn’t happened once doesn’t mean that the door’s shut forever,” he said.

Senator Pocock called on more politicians in the major parties to break rank over the issue and “actually take a stand for their constituents”.