We now know that the Albanese government will very likely introduce an extra levy imposed on gas producers’ high profits. The prime minister’s department has requested Treasury modelling of additional levies on gas companies in response to the Iran crisis that is driving up energy costs for Australians. The department was reported as saying that energy producers “should not benefit from high international prices at the expense of domestic customers”. Precisely. There can be no going back now from such a statement. But this is also a time for longer term thinking. We cannot have a temporary extra tax. We
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