Andrew Hastie open to 25% tax on gas profits and says multinationals have ‘had a really good run’ on Australian wealth
Tax policy debates center on growth versus redistribution as Americans weigh economic freedom.
The coverage treats a Scandinavian-style windfall tax and sovereign wealth fund as an obvious upgrade, as if the only question is how quickly Canberra can scoop more revenue off gas. That framing skips the hard part: whether politicizing investment returns and rewriting terms midstream strengthens or weakens confidence in the system. Multinationals have “had a good run” makes for satisfying radio, but it also signals **rule changes after the fact**.
New Republican Times Editorial Board
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 for latest updates Get our breaking news email , free app or daily news podcast Liberal frontbencher Andrew Hastie says he is open to a new 25% tax on soaring gas profits as part of a Scandinavian-style sovereign wealth fund to strengthen the federal budget amid the global energy crisis.
Budget leaks suggest the Albanese government is modelling the effects of placing a flat 25% tax on gas profits, as well as possible further changes to the petroleum resource rent tax (PRRT) and corporate income tax.
Continue reading
Original source:
Read at The GuardianHow We See It
New Republican Times Editorial Board
The coverage treats a Scandinavian-style windfall tax and sovereign wealth fund as an obvious upgrade, as if the only question is how quickly Canberra can scoop more revenue off gas. That framing skips the hard part: whether politicizing investment returns and rewriting terms midstream strengthens or weakens confidence in the system.
Multinationals have “had a good run” makes for satisfying radio, but it also signals rule changes after the fact. Energy projects are long-cycle, capital-heavy bets. If Australia becomes the place where governments raid profits when prices spike, investors price in sovereign risk, and the result is less supply, higher costs, and a shakier tax base.
A serious conservative view starts with stable rules, national energy security, and public trust. If the PRRT is flawed, fix loopholes transparently and apply reforms predictably, not as a populist penalty.
The principle at stake is simple: institutional stability beats clever new funds when you want prosperity to last.
Commentary written with AI assistance by the New Republican Times Editorial Board.