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

Government faces political fight as industry says mooted 25% levy on exports would hurt Australia’s economy and energy security Get our breaking news email, free app or daily news podcast Gas giants will lobby against any federal government moves to introduce a 25% export levy on windfall profits, as crossbenchers pressure the prime minister to redirect billions of dollars in “wartime profits” to Australians struggling amid the global energy crisis. It comes after the prime minister’s department asked Treasury to model the effects of placing a flat 25% tax on gas exports, the ABC reported on Friday, along with any further changes to the petroleum resource rent tax (PRRT) and corporate income tax. The issue sets up a fierce political fight as parliament returns next week with crossbench MPs, including David Pocock, and advocacy groups demanding the government capture billions of dollars in potential revenue by imposing taxes on exported Australian gas as global prices rise after Israel’s and Iran’s attacks on gasfields in the Gulf. Pocock has been pressuring the government in recent months to offset struggling households by collecting more tax from fuel exports, in a mov