Australia's gas giants are "profiteering" from the war in Ukraine and should be hit with a new tax, according to the independent Australia Institute.
Liquefied natural gas (LNG) profits were up to $40 billion extra in the 2021/22 reporting year, with almost no increase in the cost of production, according to research released on Wednesday.
Taxpayers are missing out on a fair share of the money made on Australian gas sold overseas, which has been boosted by "war profits" since Russia's invasion of Ukraine, institute head Richard Denniss said.
Prices for Australian LNG exports more than doubled from $7.50 per gigajoule in 2020/21 to $16.20 per GJ in 2021/22 and are expected to rise further to an average $19.90 in 2022/23, the institute said.
This jump saw the value of LNG exports from Australia more than double to $70.2 billion in one year.
"We estimate the war-related windfall gain to LNG companies in 2021/22 at between $26 billion and $40 billion," analyst Mark Ogge said.
Producers expect growing demand for Australian shipments as Europe looks to reduce its dependence on Russian gas.
Dr Denniss said a new tax on the extra profits could fund the entire $20 billion Rewiring the Nation plan proposed by the Albanese government and compensate Australians hit by widespread price rises.
"While households and businesses are facing soaring bills, these companies are essentially profiteering from the war in Ukraine," he said.
Australian Petroleum Production and Exploration Association CEO Samantha McCulloch told AAP the industry is already subject to a profits tax as well as other taxes and royalties.
Recently released forecasts show that same taxation system will deliver an extra $9 billion revenue from gas exporters alone this financial year, with revenue almost tripling to $13.8 billion, she said.
"That's even more benefits for Australians, with billions of dollars helping fund hospitals, roads and schools while allowing importing customers in Asia to reduce emissions by switching to the cleaner fuel of gas," she said.
Gas company profits are also reinvested in new supply.
The industry says over $300 billion has been spent on export projects since 2010 to deliver energy security and more economic returns to Australia.
But critics say much of the profits flow to foreign shareholders.
A one-off tax on LNG exporters has the support of leading economists, including the Grattan Institute's Tony Wood and former Treasury boss Ken Henry.
In May, the United Kingdom announced a new temporary 25 per cent levy on the "extraordinary profits" of oil and gas firms operating in the UK and its offshore fields, with the tax revenue to help fund extra cost of living support.
The Albanese government has repeatedly ruled out a similar gas windfall - or one-off - tax on Australian fossil fuel profits, and Energy Minister Chris Bowen reiterated on Wednesday it won't be in next week's budget.
"We've made clear that that's not on our agenda for this budget. And it's not it's not in our policy development," he told ABC radio.
An Australia Institute survey in June found two in three (67 per cent) Australians support the introduction of a windfall tax on oil and gas profits with revenue raised to help households and businesses pay bills.
