Shell Warns Australia: Don't Tax Gas Exporters

0:00It's March 30th. From your city to your ears, this is Sydney News today, powered by AI. Shell is warning Australia not to slap a windfall tax on gas exporters, cashing in on skyrocketing liquefied natural gas prices from the Middle East. War. As the world's third largest LNG seller, Australia shipped $65 billion worth last year, with prices now doubling due to the straight-of. Hormuz shut down choking a fifth of global supply. Labor's got Treasury modeling a 25% tax on those super profits, pushed by unions, environmentalists, crossbench MPs, and even stars. Like Jimmy Barnes and Missy Higgins in an open letter, they say it could rake in over $17 billion a year to ease cost of living hits and fund climate fixes. Aussies are feeling the pinch hard, with petrol jumping to a record average of $2.53 a liter this week. Households face brutal energy bills while gas giants pocket war boost to gains, sparking calls that it's time they chipped in more amid the crunch.

1:03Shell Australia chair, Cecille Wake, is set to blast the idea in a speech tomorrow, saying it'd scare off investors, sour ties with Asian buyers who need. Our LNG and risk our fuel imports. With only two refineries left, we get over 80% of petrol, diesel, and jet fuel from Asia, and talks are on to lock in supplies as stocks, dwindle. Prime Minister Albanese is already inking deals, like last week's pact, with Singapore for steady oil and LNG flows. Industry groups note they're already Australia's second biggest taxpayers at $21.9 billion last year, urging the government to. Stick with existing rents tax to keep energy secure without killing future projects.