Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth

Liberal frontbencher Andrew Hastie has expressed openness to a 25% tax on gas profits in Australia. Speaking on the Australian Politics podcast, Hastie suggested this tax could fund a sovereign wealth fund, similar to those in Scandinavian countries, to bolster the federal budget. This proposal comes amid a global energy crisis and as the Albanese government considers various tax options. Budget leaks indicate the government is modelling the potential impact of a flat 25% tax on gas profits, alongside possible adjustments to the petroleum resource rent tax (PRRT) and corporate income tax. Hastie stated that multinational corporations have benefited significantly from Australian resources.