Australia Considers Gas Tax Amid Soaring Prices

0:00Reporting from the Daily News Now, I'm Corey with the story, with the latest in Adelaide, with energy prices soaring from the war in the Middle East, Australia's federal government is leaving the door open for new taxes on gas company, profits. Energy Minister Chris Bowen confirmed he's not ruling out a windfall tax in the upcoming federal budget. Reports show the Prime Minister's Department asked Treasury to model options for a new levy, plus changes to the petroleum resources rent tax. Information from the Greens is pushing hard for a 25% levy on gas profits. Greens leader Larissa Waters even wrote to the Prime Minister, offering supports of passive quickly in parliament. An independent lawmaker, once an even steeper 50% tax on windfalls. The conflict escalated with Israeli strikes on Iran's massive South Powers gas field, and Iran's response hitting Qatar's largest liquefied natural gas. Plant Officials warn repairs could take months or years, boosting profits for Australian exporters. Treasurer Jim Chalmers will decide on any tax changes by the May budget.

1:03He says fixing tax collection efficiency is a priority amid these global shocks. This episode is supported by our sponsor, Headphones in a Pillow, Simple Idea, Surprisingly Addictive, S-O-L-I-SoliPillow.com