Australia’s liquefied natural gas exporters will snare windfall profits of as much as $40bn this year alone in the wake of Russia’s war on Ukraine, offering the government a chance to fund key programs by taxing some of the excess earnings, the Australia Institute says.
Analysis by the thinktank found domestic gas prices doubled from $7.50 a gigajoule in 2020-21 to $16.20/GJ in 2021-22 even though the invasion happened two-thirds of the way through the year. During the current year, prices will average $19.90/GJ.
