Afternoon Update: Labor criticised for lack of ambition on gas tax; freezing weather; and how to actually save money

Anthony Albanese has defended the ‘modest’ gas tax, saying ‘we want to support the [gas] industry’. Photograph: Bloomberg/Getty Images

Good afternoon. The prime minister has admitted proposed changes to increase tax revenue from fossil fuel giants are “modest”, amid sustained criticism today that it barely scratches the super profits of the fossil fuel industry.

The changes will see the government collect $2.4bn more in petroleum resource rent tax over four years, which is far too little according to the teals and the Greens. “This is tinkering around the edges when we need more ambitious reform to capture record oil and gas profits,” the independent senator David Pocock said.