New research reveals the companies profiting from the $62.5 billion LNG industry exporting Australian gas – a key driver of shock domestic gas prices for households and business – are on average 95.7% foreign owned.
The research also reveals that the top 20 ASX listed companies in Australia are, on average, 80% foreign owned, with US ownership alone almost triple Australian ownership. The top 30 companies in Australia by sales value (listed plus unlisted) are 79% foreign owned, including many companies with 100% foreign ownership.
The research report comes amid growing calls for a windfall profits tax on gas.
ADVISORY: This paper is under review, following a query about the data by a company named in the report. The Australia Institute is currently seeking further information to address the concerns raised.