Gas giants warn against windfall gains tax as Pocock says ‘wartime profits’ should go to struggling Australians

The Australian government is considering a 25% export levy on gas companies' windfall profits, prompting strong opposition from the gas industry. The industry argues the tax would harm Australia's economy and energy security. Crossbenchers are urging the government to redirect these profits, described as "wartime profits" due to the global energy crisis, to support struggling Australians. The Prime Minister's department has requested Treasury to model the potential effects of the proposed tax, along with other tax adjustments. Gas companies are preparing to lobby against the proposed levy. The debate centers on how to manage the profits generated by gas exports amidst rising energy prices and cost-of-living pressures.