Liberal MP Andrew Hastie’s open stance on 25% gas profit tax amid global energy crisis
Consensus Summary
Liberal MP Andrew Hastie has signaled openness to a 25% tax on gas profits, aligning with Greens and Senator David Pocock’s push for a windfall tax amid rising global energy prices driven by Iran’s blockade of the Strait of Hormuz. Both sources confirm Hastie’s sympathy for public anger over corporate profits and his reference to Norway’s $3.2 trillion sovereign wealth fund as a model. Treasury is reportedly modeling the tax, though GUARDIAN notes budget leaks suggest the Albanese government is also exploring changes to the Petroleum Resource Rent Tax and corporate taxes. While both articles agree on Hastie’s stance, GUARDIAN adds warnings from the International Energy Agency and internal Liberal Party pushback, including from shadow treasurer Tim Wilson. NEWSCOMAU highlights grassroots support from ACOSS and cites Santos’ $120 million shipment as evidence of industry greed, a detail absent in GUARDIAN. Contradictions include differing emphasis on budget leaks, internal party divisions, and specific corporate examples, though the core of Hastie’s evolving position remains consistent.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- Andrew Hastie, Liberal MP and shadow minister for sovereign capability, is open to a 25% tax on gas profits, reportedly modelled by Treasury on request of the Department of the Prime Minister and Cabinet
- The Greens and former Climate 200-backed Senator David Pocock have championed a 25% export tax on gas profits, with the Greens estimating it could raise $17 billion per year
- Hastie referenced Norway’s sovereign wealth fund, which has assets worth over $3.2 trillion ($US2.2tn), as a model for Australia
- Hastie stated that multinationals have 'had a really good run of our wealth here' and expressed sympathy with public anger over corporate profits
- The Iranian regime’s blockade of the Strait of Hormuz has contributed to a global energy crisis, with gas prices spiking due to war-related disruptions
Points of Difference
Details reported by only one source:
- The Australian Council of Social Service (ACOSS) welcomed Hastie’s comments, citing low-income households struggling while gas corporations profit
- Hastie specifically mentioned housing affordability as part of broader public anger over wealth inequality
- Santos was cited as an example, with a single gas shipment reportedly worth $120 million, illustrating industry greed
- Budget leaks suggest the Albanese government is modelling a flat 25% tax on gas profits alongside possible changes to the Petroleum Resource Rent Tax (PRRT) and corporate income tax
- Hastie’s comments were made on the Guardian Australia’s Australian Politics podcast
- The International Energy Agency’s head, Fatih Birol, warned the Albanese government that sudden corporate tax changes could spook investors
- Hastie criticized Donald Trump’s confidence in US military strikes on Iran, stating the US underestimated Iran’s ability to disrupt global energy flows via the Strait of Hormuz
- Hastie stated the post-Cold War rules-based order is 'dead' and the 'peace dividend' is buried
- The Australian Energy Producers lobby group warned a new export levy would harm Australia’s economy and energy security at a 'worst possible time'
- Shadow treasurer Tim Wilson called Hastie’s position 'next-level denial,' arguing new taxes would freeze investment and job growth
Contradictions
Conflicting information between sources:
- NEWSCOMAU reports the Greens estimate a 25% Petroleum Resource Rent Tax (PRRT) increase could raise $17bn per year, while GUARDIAN does not specify a figure for the Greens’ estimate
- NEWSCOMAU does not mention budget leaks or Treasury modelling of a flat 25% gas tax, which GUARDIAN attributes to the Albanese government
- GUARDIAN quotes Hastie’s criticism of Trump’s overconfidence in US military strikes, while NEWSCOMAU omits this detail
- GUARDIAN highlights Hastie’s potential conflict with senior Liberals like Angus Taylor and Tim Wilson, whereas NEWSCOMAU does not mention internal Liberal Party divisions
- NEWSCOMAU cites a single Santos shipment worth $120m as evidence of corporate greed, but GUARDIAN does not reference this specific figure or company
Source Articles
Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth
Exclusive : Speaking with the Australian Politics podcast, the Liberal frontbencher says a sovereign wealth fund would set Australians up for generations to come Follow our Australia news live blog fo...
Liberal MP’s big call on Greens’ gas tax
Liberal frontbencher Andrew Hastie says he’s open to a 25 per cent tax on gas profits as multinationals reap huge gains from Iran war price spikes....