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.
