Australia Considers Gas Levy: Fair Share or Burden?

0:00It's March 23, I'm Cory with the story. This is Sydney News Today, driven by AI. The Australian government is eyeing an extra levy on gas producers high profits, sparked by the Iran crisis that's jacking of energy calls for. Every day folks, officials say producers shouldn't cash in on global price spikes while domestic customer suffer. This comes as Prime Minister Albanese's team asked Treasury for modeling on the idea. After term, experts push for permanent fair share levy, modeled after Norway and the United Kingdom to fix Australia's chronic undertaxing of gas, resources that belong to all citizens. Right now, the country shares just 27% of fossil fuel profits through taxes and royalties, or even less at 18% when. Measured like Norway does, far below the 75% to 90% in other major exporters. Pills are filling the pinch with soaring fuel bills and inflation while gas firms rake in windfalls. Polls show 87% of voters back getting a better return from gas exports, with households

1:04potentially seeing quick cost of living, relief if revenue flows back their way. Such a levy could have already raised $1.6 billion since the crisis began, dwarfing yearly halls from the flawed petroleum resource. Rent tax. At peak prices like during the Russia Ukraine war, it might pull in $27 billion. Industry worries about higher prices or scared off investment don't hold up, as Norway's similar system thrives without those issues. With outrage likely either way, it's time to lock in a stable fix that shares the wealth fairly and boost the budget for years ahead.