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

Independent senator David Pocock says Labor ‘might finally be caving’ to pressure to ‘tax gas companies making wartime profits’ amid the global energy crisis. Photograph: Mick Tsikas/AAP

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.