Australia to Consider Natural Gas Export Tax as Profits Spike

Australian senators Monday backed a speedy inquiry into proposed petroleum export taxes as energy companies reap big profits on the sale of liquefied natural gas to China, South Korea and Japan.

Government senators, including Finance Minister Sen. Katy Gallagher, backed a Greens party motion for an inquiry on how the Iran war is impacting petroleum prices and the profitability of LNG exporters such as Chevron Australia Pty Ltd., Woodside Energy Group Ltd. and Santos Ltd.

Treasury is currently modeling options for a new levy to capture windfall profits from gas and thermal coal companies, and possible ...