The bosses of resources giants including Santos, Woodside, Chevron and Shell could be compelled to face an inquiry into export tax settings, as the Greens ramp up pressure on Labor before the budget.
The chief executives of the companies, along with the bosses of gas exporters Inpex and ConocoPhillips, have been requested to give evidence to a Greens-led inquiry sitting in Canberra and Perth later this month. Under Senate rules, they could be compelled to attend if they choose not to give evidence voluntarily.
Labor is facing growing calls to impose a new 25% export tax amid soaring prices from the global fuel shock sparked by the US and Israel-led war against Iran.
Labor backed the establishment of the inquiry, a move that followed leaks showing the prime minister’s department had asked Treasury to model the effects of a flat tax on gas exports, as well as changes to the petroleum resource rent tax (PRRT) and corporate income tax rules.
Supporters of the plan – including unions, social service groups and crossbenchers such as David Pocock – say a 25% tax could add as much as $17bn to the budget. Labor is unlikely to take up such broad changes, as it seeks to shore up fuel imports into Australia amid the closure of the strait of Hormuz.
The committee chair, Greens senator Steph Hodgins-May, sent invitations to CEOs on Monday, including Woodside’s Liz Westcott, Chevron’s Balaji Krishnamurthy and Kevin Gallagher of Santos.
Sign up for the Breaking News Australia emailThe committee has also requested ambassadors from Australia’s key energy partners in the region give evidence, including Malaysia, Singapore, South Korea and Japan.
Labor has stressed it will not put export contracts with key countries in Asia at risk, insisting Australia is a reliable export partner and expects reciprocal treatment from importing countries in return.
But the Greens said the companies needed time in the “spotlight” before the 12 May budget.
“The CEOs of these profiteering gas corporations need to front the inquiry and explain to the Australian people why they’re taking our gas and selling it offshore for record profits, while paying almost no tax,” Hodgins-May said.
“The era of Labor letting big corporations write the rules and make obscene profits has to end.”
The prime minister, Anthony Albanese, was asked about possible changes to tax settings for gas exports on Monday but refused to be drawn.
“We’ll have the budget next month,” he said.
Separately, the Greens’ party thinktank released new research suggesting big gas exporters could make profits of more than $78bn in 2026 due to the war.
The Greens Institute, led by the former MP Max Chandler-Mather, compared aspects of Norway’s oil and gas tax regime with rules in Australia, suggesting tougher new windfall profit taxes could raise between $28bn and $57bn.
Chandler-Mather even proposed a 50% tax rate for gas exports.
“If Labor goes any lower than a 25% tax on gas exports, then Australians will know their government cares more about gas corporate profit than the millions of Australians struggling to pay the bills,” he said.
Albanese has downplayed possible changes to gas taxes amid a round of regional fuel diplomacy. He visited Singapore last week and will leave for Brunei and Malaysia on Tuesday.
Last month, the International Energy Agency boss, Fatih Birol, warned Labor against sudden changes to corporate tax rates, suggesting such moves would spook investors.
“Energy investors are like butterflies. When they are scared, they fly away,” he said.
