Australia’s Albanese Rules Out New Taxes on Gas Exports, Citing Security

Australian Prime Minister Anthony Albanese said his government wouldn’t “undermine” existing liquefied natural gas exports with new taxes, warning that doing so during a global energy crunch would risk investment and fuel security.

Pressure has been mounting to increase the tax on LNG producers, as companies including Chevron Corp. and Woodside Energy Group Ltd. profit from higher prices after the war in Iran cut about a fifth of supply from global markets. Meanwhile, the conflict has also seen Australia grapple with fuel security concerns, leading to a diplomatic push to secure shipments from suppliers in Asia.